LONDON, ON, Aug. 11, 2021 /PRNewswire/ - VersaBank (TSX: VB)
("VersaBank" or the "Bank") today announced the appointments
of Roland Bailey as Executive
Director, Indigenous Infrastructure Program and Robert-Falcon Ouellette as Executive Director,
Indigenous Housing Initiatives, to lead the infrastructure and home
financing channels, respectively, as VersaBank relaunches its
Indigenous and Remote Community Lending business.
From its inception in 1993 until 2008, VersaBank had an active
and very successful lending business focused on serving the unique
needs of Indigenous and remote communities in Canada, and was, at one time, the largest
lender to both. During this period, VersaBank provided
hundreds of millions of dollars in financing for both private and
public infrastructure projects, including schools, hospitals,
seniors' living facilities, water treatment facilities, clean
energy, apartment buildings, recreational centres, and various
small business projects to support entrepreneurial endeavours,
among others.
"VersaBank has a very proud history of supporting the
development and growth of Indigenous and remote communities in
Canada, providing financing across
a vast array of projects that have contributed to the betterment of
the lives of the populations within these communities," said
David Taylor, President and Chief
Executive Officer, VersaBank. "Reconciliation in Canada is about action, which directly
improves the lives of Indigenous Canadians. We were very
disappointed when a shift in government sentiment in 2008
necessitated that we halt lending to that program. With the
emergence of an encouraging environment and the federal
government's commitment to accelerating work to
close infrastructure gaps and build healthier, safer, and
more prosperous Indigenous communities, we are thrilled
to be able to re-start this program, which, in addition to
providing much-needed financing to support growth for this integral
part of our country and economy, can be a meaningful contributor to
the Bank's overall loan growth and continued growth in
profitability. We are especially thrilled to begin to offer
home financing solutions, based on our new Instant Mortgage
software application, focused on meeting the specific needs of
Indigenous Canadians in both urban centres and northern
communities, a group that historically has been woefully
underserved by Canadian financial institutions."
Mr. Taylor added, "We are privileged and proud to appoint each
of these highly skilled and accomplished leaders, each of whom has
dedicated their careers to improving the quality of life for
Indigenous and Northern communities, to drive the success of these
programs for both these communities and VersaBank. Dr.
Ouellette is a highly focused and driven individual whose military
background and political career uniquely position him to make
tangible and meaningful contributions to our program. Mr. Bailey's
business acumen, some of which was honed with the Bank's
infrastructure lending program in the 2000s, and specifically his
proven ability to structure financial solutions, combined with
his long tenure with the Government of Northwest Territories, will be integral to
addressing the unique needs of Northern and Indigenous
communities."
Roland Bailey, born in the
Yukon, has spent most of his life
in the Northwest Territories and
has more than three decades of experience in business and with
government, with a specific focus on infrastructure projects.
He is currently Principal of Roland C.
Bailey & Associates. Prior thereto, Mr. Bailey
served as Executive Vice-President, Valard Construction, Ltd.,
Canada's premier utility
contractor. Prior to Valard, he was Director, Business
Development, Pacific & Western Bank of Canada, predecessor to VersaBank, where he
played an integral role in the success of the Bank's previous
infrastructure lending business to Indigenous and Northern
communities. Mr. Bailey also held senior roles in government,
holding a variety of positions with the Government of Northwest Territories, Secretary to
Cabinet & Deputy Minister of the Executive, Deputy Minister of
Economic Development and Tourism. He also served as
Investment Manager/Advisor for the Government of Northwest
Territories Aurora Funds.
Robert-Falcon Ouellette is from the Red Pheasant Cree
Nation (near Battleford,
Saskatchewan). Dr. Ouellette is a former Member of
Parliament (2014 to 2018) for Winnipeg Centre, during which time he
also served as the chair of Indigenous Caucus and was a member of
the Standing Committee on Health and Finance. In 2011, he was
appointed Director of the Aboriginal Focus Programs at the
University of Manitoba. For nearly two
decades (until 2010) Dr. Ouellette served with the Royal
Canadian Navy, and in 2007 was appointed a Company Commander for
the 5th Field Ambulance (medical service) of the Royal Canadian
Navy. He remains part of the Primary Reserves in the Royal
Winnipeg Rifles as a Warrant Officer. Dr. Ouellette holds a
Bachelor of Arts degree in music from the University of Calgary, a Master's degree in music,
a Master's degree in Education and a PhD in anthropology from
Laval University. Dr. Ouellette was only the second Indigenous
person in the 350-year history of Laval
University to earn a PhD.
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 trade under
the symbol VB.PR.A.
FORWARD LOOKING STATEMENTS
The statements in this press release that relate to the
future are forward-looking statements. By their very nature,
forward-looking statements involve inherent risks and
uncertainties, both general and specific, many of which are out of
our control. Risks exist that predictions, forecasts, projections,
and other forward-looking statements will not be achieved. Readers
are cautioned not to place undue reliance on these forward-looking
statements as several important factors could cause actual results
to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, the
strength of the Canadian economy in general and the strength of the
local economies within Canada in
which we conduct operations; the effects of changes in monetary and
fiscal policy, including changes in interest rate policies of the
Bank of Canada; changing global
commodity prices; the effects of competition in the markets in
which we operate; inflation; capital market fluctuations; the
timely development and introduction of new products in receptive
markets; the impact of changes in the laws and regulations
pertaining to financial services; changes in tax laws;
technological changes; unexpected judicial or regulatory
proceedings; unexpected changes in consumer spending and savings
habits; the impact of COVID-19 pandemic and our anticipation of and
success in managing the risks implicated by the foregoing. For a
detailed discussion of certain key factors that may affect our
future results, please see our annual management's discussion and
analysis ("MD&A") for the year ended October 31, 2020.
The foregoing list of important factors is not exhaustive. When
relying on forward-looking statements to make decisions, investors
and others should carefully consider the foregoing factors and
other uncertainties and potential events. The forward-looking
information contained in this document and the related MD&A is
presented to assist our shareholders in understanding our financial
position and may not be appropriate for any other purposes. Except
as required by securities law, we do not undertake to update any
forward-looking statement that is contained in this document and
related MD&A or made from time to time by the Bank or on its
behalf.
Visit our website at: www.versabank.com
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