LONDON, ONTARIO/CNW/ –VersaBank (TSX: VB) (“VersaBank” or the “Bank”) today announced that Peter Irwin has been appointed to the Bank’s board of directors, filling the vacant position left by the sudden passing of Colin E. Litton in December of last year.
Mr. Irwin brings to the VersaBank board more than 30 years of leadership experience in the Canadian financial services industry. His extensive background includes investment banking, capital markets, corporate development, merchant banking and private equity. He earned a Bachelor of Arts Degree, Honors Business Administration, from Ivey Business School, Western University, in 1980.
“Peter is an outstanding addition to the VersaBank board,” said David Taylor, President & CEO of VersaBank. “His broad and deep financial experience will be of significant benefit to VersaBank as we embark on our next phase of long-term, outsized growth. 2021 promises to be an exciting year for VersaBank, as we capitalize on the significant increase in loan origination activity in both our Point-of-Sale Loan and Lease business and construction loans in our Commercial Banking business, as well as the launch of our third lending channel, Instant Mortgage. At the same time, we expect 2021 to be a breakout year for our wholly-owned DRT Cyber subsidiary as we look to leverage the recent acquisition of Digital Boundary Group and our own internal capabilities to launch new solutions as cyber security becomes an undeniable imperative for governments and corporations globally.”
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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