07:55 AM EDT, 05/29/2025 (MT Newswires) -- VersaBank ( VBNK ) on Thursday said it will realign its corporate structure with the standard framework of a U.S. bank, with the holding company parent domiciled in the United States. The move is subject to shareholder and regulatory approval.

Under the realignment, existing VersaBank ( VBNK ) shares will be exchanged for new shares of VersaHoldings U.S. (the new parent), which was originally established to hold its U.S. subsidiaries. The VersaHoldings shares will be listed on the Nasdaq and the Toronto Stock Exchange.

VersaBank's ( VBNK ) Canadian operations will become VersaBank Canada and will be a wholly owned subsidiary of VersaHoldings.

The proposed structural realignment is expected to cost about $8 million, most of it expected to be incurred in the third and fourth quarters of fiscal 2025.