VersaBank To Increase Quarterly Common Share Dividend To 2.5 Cents Starting January 31, 2020

LONDON, November 4, 2019/BUSINESS WIRE/ – VersaBank (TSX:VB) today announced that
its Board of Directors have declared an increase on the quarterly cash dividends on its Common
Shares (TSX:VB).

David Taylor, President and CEO, noted that this is the third increase in two years and amounts to
an increase of 25% over the previous quarter’s dividend.

The Common Share dividend will increase from $0.020 to $0.025 per share and is payable, subject
to the approval of the Toronto Stock Exchange (“TSX”), as of January 31, 2020 to shareholders
of record at the close of business on January 3, 2020.

The dividends to which this notice relates are eligible dividends for tax purposes.

About VersaBank

VersaBank adopted an electronic branchless model in 1993, becoming the world’s first branchless
financial institution. It holds a Canadian Schedule I chartered bank license and obtains its deposits,
and the majority of its loans and leases, electronically. 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.

For further information please contact:

Investor Relations: Wade MacBain, (800) 244-1509, [email protected]
Visit our website at: http://www.versabank.com