LONDON, ON, March 31, 2021 /PRNewswire/ - VersaBank (TSX: VB)
("VersaBank" or the "Bank") today announced its intention to redeem
all outstanding Non-cumulative 6-Year Rate Reset Preferred Shares,
Series 3 (Non-Viability Contingent Capital (NVCC)) ("Series 3
Preferred Shares") of the Bank on April 30, 2021 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 February 23, 2021, the Board of Directors of the Bank
declared quarterly dividends of $0.175 per Series 3 Preferred Share. These
will be the final dividends on the Series 3 Preferred Shares, and
will be paid in the usual manner on April 30, 2021 to
shareholders of record on April 2, 2021, as previously
announced. After April 30, 2021, the Series 3 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 3 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,
Computershare Investor Services Inc. at 1-800-564-6253.
ABOUT VERSABANK
VersaBank is a Canadian Schedule I chartered bank with a
difference. VersaBank became the world's first fully digital
financial institution when it adopted its highly efficient
business-to-business model using its proprietary state-of-the-art
financial technology to profitably address underserved segments of
the Canadian banking market in the pursuit of superior net interest
margins while mitigating risk. VersaBank obtains all of its
deposits and provides the majority of its loans and leases
electronically, with innovative deposit and lending solutions for
financial intermediaries that allow them to excel in their core
businesses. In addition, leveraging its internally developed IT
security software and capabilities, VersaBank established wholly
owned, Washington, DC-based
subsidiary, DRT Cyber Inc. to pursue significant large-market
opportunities in cyber security and develop innovative solutions to
address the rapidly growing volume of cyber threats challenging
financial institutions, multi-national corporations and government
entities on a daily basis.
VersaBank's Common Shares trade on the Toronto Stock Exchange
under the symbol VB and its Series 1 Preferred Shares and Series 3
Preferred Shares trade under the symbols VB.PR.A and VB.PR.B
respectively.
Visit our website at: www.versabank.com
Follow VersaBank on Facebook, Instagram, LinkedIn and
Twitter.
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SOURCE VersaBank