Holland & Knight Advises Raymond James & Associates on $86.25 Million Public Offering by VersaBank
DENVER (December 27, 2024) – Holland & Knight recently represented Raymond James & Associates Inc., a global financial services company, in its role as sole book-running manager for a public offering of common stock of VersaBank (NASDAQ: VBNK).
VersaBank announced on December 18 that it successfully completed its public offering of common shares at a price of US$13.25 per share. The bank sold an aggregate of 5,660,378 common shares, generating gross proceeds of US$75,000,009 before underwriting discounts and offering costs. VersaBank announced on December 24 that the underwriters fully exercised their option to purchase an additional 849,056 common shares at a price of US$13.25 per share, resulting in additional gross proceeds of US$11,249,992. After giving effect to the full exercise of the over-allotment option, the total number of common shares sold by VersaBank in the offering increased to 6,509,434, and gross proceeds increased to US$86,250,001.
Keefe, Bruyette & Woods, A Stifel Company, and Roth Canada Inc. acted as co-managers for the offering.
Headquartered in St. Petersburg, Florida, Raymond James & Associates is a subsidiary of Raymond James Financial Inc. (NYSE: RJF), a financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities.
London, Ontario-based VersaBank is a North American bank that is federally chartered in Canada and the United States. 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.
Holland & Knight Partner Shawn Turner led the firm's representation of Raymond James & Associates, along with Partner Kendall Wilson and Associates Julia Harrison, Claire Lydiard and Stephanie Torres (all Capital Markets).
More information on the transaction can be found here and here.