LONDON, ONTARIO/CNW/ – VersaBank (“VersaBank” or the “Bank”) (TSX: VB), a leader in digital banking and cyber security solutions, today announced that David Taylor, President and Chief Executive Officer, is scheduled to present at the Sidoti & Company Virtual Investor Conference on Thursday, January 14 at 10:45 a.m. EST. A webcast of the presentation will be posted under the investor relations section of VersaBank’s website at www.versabank.com. A replay of the presentation will be available following the event.
The Bank will also be participating in virtual on-on-one meetings. Please visit https://sidoticonference.com/events to register for the conference and schedule a one-on-one meeting or contact Lawrence Chamberlain at [email protected].
In his presentation, Mr. Taylor will discuss VersaBank’s highly efficient, low-risk digital banking operations, which have generated a compounded annual growth rate in net income of 23% over the past six years based on the Bank’s development and application of its proprietary software to address unmet needs in the banking industry. VersaBank’s digital banking operations are poised for continued outsized growth as its existing lending channels experience a significant increase in loan origination activity and the Bank prepares for the launch of its third lending channel based on its proven software, which will enable it to enter the $200 billion Canadian home financing market.
Mr. Taylor will also discuss the significant growth opportunity for VersaBank’s wholly-owned, Washington, DC-based subsidiary, DRT Cyber Inc. (“DRT Cyber”). DRT Cyber’s VersaVault is the world’s first digital bank vault for securing cryptocurrency, blockchain-based assets and highly sensitive digital documents. Recently, DRT Cyber acquired North American IT security assurances services leader, Digital Boundary Group, as it builds a comprehensive suite of innovative cyber security solutions that address high-demand, underserved segments of this rapidly growing market.
DRT Cyber’s Chief Operating Officer, Gurpreet Sahota, previously spent 16 years at BlackBerry, where he helped build and implement its industry-leading cyber security architecture. DRT is chaired by the Honorable Tom Ridge, the first US Secretary of Homeland Security.
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.
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.
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