LONDON, Ontario--(BUSINESS WIRE)--VersaBank (TSX:VB) is pleased to report that its Bulk Purchase Program (the “Program”), initiated 6 years ago, has exceeded $750,000,000 in outstanding balances for the month ending August 31, 2016.
VersaBank has established relationships with 20 originators and is now processing approximately $40 million in loan and lease receivables each month. Over the 6 years, this Program has rapidly become a significant portion of VersaBank’s total assets and revenue stream.
“Our in-house IT Group has developed state of the art systems that allow us to process large numbers of these small ticket receivables, and our structure incorporates effective risk mitigation techniques in order to reduce net risk to bankable levels. Additionally we are quite pleased that our Bulk Purchase Program is helping to fill the Canadian small business financing gap by providing much needed funding for small to medium-sized businesses across our country. We look forward to continuing our contribution in this area,” said David Taylor, President & CEO of VersaBank.
VersaBank, a technology based and digital Canadian Schedule I chartered bank, operates using an “electronic branchless model”. It sources deposits, consumer loans, commercial loans and leases electronically. The Bank also makes residential development and commercial mortgages it sources through a well-established network of brokers and direct contact with its lending staff. VersaBank’s common shares trade on the Toronto Stock Exchange under the symbol VB.
Visit our website at: http://www.versabank.com