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VERSABANK ADDS NEW ECN CAPITAL SUBSIDIARY TO US STRUCTURED RECEIVABLE PROGRAM
VersaBank (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, digital asset technology and technology solutions for cybersecurity, today announced its wholly owned US subsidiary, VersaBank USA, has entered into an agreement with a wholly owned subsidiary of ECN Capital (the "ECN Subsidiary"), under which the ECN Subsidiary will utilize the Bank's core Structured Receivable Program ("SRP") in the United States. This is the second SRP program into which ECN
About this update from Versabank
– New Partner Expected to Contribute at Least US$300 Million in Additional US SRP Fundings Annually – LONDON, ON, July 9, 2026 /CNW/ - VersaBank (TSX: VBNK) (NASDAQ: VBNK), a North American leader in business-to-business digital banking, digital asset technology and technology solutions for cybersecurity, today announced its wholly owned US subsidiary, VersaBank USA, has entered into an agreement with a wholly owned subsidiary of ECN Capital (the "ECN Subsidiary"), under which the ECN Subsidiary will utilize the Bank's core Structured Receivable Program ("SRP") in the United States. This is the second SRP program into which ECN Capital has entered with VersaBank in the United States. The ECN Subsidiary is expected to contribute at least US$300 Million in additional US SRP fundings annually with the initial funding expected in the coming weeks. VersaBank and ECN Capital believe the program could grow well beyond US$500 million per year in the future. "The addition of our new partner, an undisputed North American leader in originating and servicing high quality consumer loan assets, is further validation of the value and attractiveness of our Structured Receivable Program and the team we have built in the United States," said David Taylor, Founder and President, VersaBank. "Building on the SRP, we are about to take its value proposition to a whole new level with an industry first real-time funding capability. This will enable partners such as ECN Capital to finance individual loans within just hours, thereby reducing the overall financing cost and the need for warehouse financing. This groundbreaking capability using our proprietary technology will accelerate our plan to establish VersaBank as a leading force of significant scale in the North American point-of-sale financing industry." "VersaBank's SRP is a unique and highly attractive source of funding, and we are thrilled to expand our relationship," said Lawrence Krimker, Chief Executive Officer, ECN Capital. "As expected, the Bank's SRP has been a tremendous benefit to our businesses since our engagement last year and we look forward to continuing to expand the relationship with VersaBank for many years to come." ABOUT VERSABANK VersaBank is a North American bank with a difference. Federally chartered in both Canada and the U.S., VersaBank has a branchless, digital, business-to-business model based on its proprietary state-of-the-art technology that enables it to profitably address underserved segments of the banking industry in a significantly risk mitigated manner. Because VersaBank obtains substantially all of its deposits and undertakes the majority of its funding activities electronically through financial intermediary partners, it benefits from significant operating leverage that drives efficiency and return on common equity. In August 2024, VersaBank launched its unique Structured Receivable Program funding solution for point-of-sale finance companies, which has been highly successful in Canada for over 15 years, to the underserved multi-trillion-dollar U.S. market. VersaBank also owns Minnesota-based DRT Cyber Inc., a North American leader in the provision of cyber security services to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities. Through DRT Cyber Inc., VersaBank owns proprietary intellectual property and technology to enable the next generation of digital assets for the banking and financial community, including the Bank's revolutionary and proprietary Real Bank Tokenized DepositsTM.