LONDON,
ON, Sept. 25, 2024 /PRNewswire/ - VersaBank
(TSX: VBNK) ("VersaBank" or the "Bank") today announced its
intention to redeem all outstanding Non-cumulative 5-Year Rate
Reset Preferred Shares, Series 1 (Non-Viability Contingent Capital
(NVCC)) ("Series 1 Preferred Shares") of the Bank on October 31, 2024 at a price equal to $10.00 per share together with all declared and
unpaid dividends to the Redemption Date.
The redemption has been approved by the Office of the
Superintendent of Financial Institutions and will be financed out
of the general funds of the Bank. This redemption is part of the
Bank's ongoing management of its regulatory capital.
On September 4, 2024, the Board of
Directors of the Bank declared quarterly dividends of $0.1693 per Series 1 Preferred Share. These will
be the final dividends on the Series 1 Preferred Shares, and will
be paid in the usual manner on October 31,
2024 to shareholders of record on October 4, 2024, as previously announced. After
October 31, 2024, the Series 1
Preferred Shares will cease to be entitled to dividends and the
only remaining rights of holders of such shares will be to receive
payment of the redemption amount.
Beneficial holders who are not directly the registered holder of
Series 1 Preferred Shares should contact the financial institution,
broker or other intermediary through which they hold these shares
to confirm how they will receive their redemption proceeds.
Inquiries should be directed to our Registrar and Transfer Agent,
Odyssey Trust Company at 1-888-290-1175.
ABOUT VERSABANK
VersaBank is a North American bank (federally chartered in
Canada and the U.S.) with a
difference. 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. Because VersaBank obtains
substantially all of its deposits and undertakes the majority of
its lending electronically through financial intermediary partners,
it benefits from significant operating leverage that drives
efficiency and return on common equity. In August 2024, VersaBank launched its unique
Receivable Purchase Program (RPP) funding solution for
point-of-sale finance companies, which has been highly successful
in Canada for nearly 15 years, to
the underserved multi-trillion-dollar U.S. market. VersaBank
also owns Washington, DC-based DRT
Cyber Inc., a North America leader
in the provision of cyber security services to address the rapidly
growing volume of cyber threats challenging financial institutions,
multi-national corporations and government entities.
VersaBank's Common Shares trade on the Toronto Stock Exchange
("TSX") and Nasdaq under the symbol VBNK. Its Series 1
Preferred Shares trade on the TSX under the symbol VBNK.PR.A.
Visit our website at: www.versabank.com
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SOURCE VersaBank