VersaBank Names Michael Dixon, Executive Head of e-Commerce and Ross Duggan, Executive Head of Commercial Lending

LONDON, Ontario–(BUSINESS WIRE)–Further to VersaBank’s (TSX: VB) recent merger, and its repositioning into a more streamlined and efficient organization, VersaBank is pleased to announce Michael Dixon as Executive Head of e-Commerce, and Ross Duggan as Executive Head of Commercial Lending.

Mr. Dixon joined the Bank in 2005 and has held management roles within the Bank’s Structured Finance, Infrastructure Finance, Corporate Development and Consumer Finance departments. Mr. Dixon was appointed Vice President in November, 2011, and most recently held the role of Vice President, Consumer Finance from July, 2013, where he successfully led the turnaround of the Bank’s private-label credit card program. Mr. Dixon earned a Master of Business Administration from Wilfrid Laurier University, and holds a Bachelor of Commerce degree from McMaster University.

Mr. Duggan has been with VersaBank for 16 years, and brings more than 40 years of real estate, commercial and corporate lending experience to the Bank. Mr. Duggan and his team of lenders have grown the Bank’s commercial lending portfolio, now approaching a $1 billion milestone in authorized credit facilities, and have developed and launched numerous successful lending products for the Bank over this 16 year period.

VersaBank’s President & CEO, David Taylor, stated: “I am pleased with the promotions of both Mike Dixon and Ross Duggan. Mike Dixon will head up our increasingly important and growing e-Commerce division, encompassing our Bulk Purchase Program and digital banking products. The e-Commerce division will be moving into our new VersaBank Innovation Centre of Excellence, a state-of-the-art digital facility. Ross Duggan will expand his responsibilities overseeing Real Estate Lending to incorporate our entire Commercial Lending division. Further to our recent merger, these two appointments are integral to executing our plan, and represent the two primary drivers behind VersaBank’s growth and profitability. With these announcements, the Bank is now repositioned and well underway to grow rapidly in our chosen markets”.

About 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 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: http://www.versabank.com