VersaBank (VBNK) said Thursday it entered a deal with its second US Receivable Purchase Program partner, which will use the program to fund part of its loan and lease originations.
The bank said that since the addition of its first US RPP partner on Jan. 30, its US RPP portfolio has exceeded $70 million in assets.
VersaBank said it is on track to reach $290 million in US RPP in fiscal 2025.
Shares of VersaBank rose over 12% in recent trading.
Price: 10.99, Change: +1.25, Percent Change: +12.83
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