06:45 AM EST, 12/17/2024 (MT Newswires) -- VersaBank ( VBNK ) overnight Monday priced its previously announced public offering of 5.7 million common shares at US$13.25 apiece for gross proceeds of up to US$75 million.

VBNK granted the underwriters a 30-day over-allotment option to buy up to an additional 15% of the common shares to be sold.

VersaBank ( VBNK ) expects to use net proceeds from the offering for general banking purposes and to qualify as common equity tier 1 capital for the bank.

The closing of the offering is expected on or about Dec. 18.

Shares of the U.S.-listed stock were seen down $0.07 or 0.5%, at $14.75 in premarket trading. Shares on the Toronto Stock Exchange closed down $0.54 or 2%, to $21.34 on Monday.