Welcome to our dedicated page for Versabank news (Ticker: VBNK), a resource for investors and traders seeking the latest updates and insights on Versabank stock.
VersaBank reports developments as a North American, federally chartered bank built around a branchless, digital business-to-business banking model. Its updates focus on the Structured Receivable Program for point-of-sale finance companies, electronic deposit and funding relationships with financial intermediary partners, and expansion of its digital banking activities in Canada and the United States.
Recurring news also covers cyber security and financial technology through DRT Cyber Inc., digital-asset banking initiatives such as VersaVault and Real Bank Tokenized Deposits, stablecoin custody services, Normal Course Issuer Bid activity, operating results, and shareholder-meeting governance matters.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has appointed Richard Jankura as a new board member and Chair of the Risk Oversight Committee, filling the vacancy left by the retirement of Richard Carter. Jankura brings over 40 years of experience in finance and accounting across various industries, including key roles in banking and as CFO at The Jones Healthcare Group. His experience is expected to bolster VersaBank's focus on long-term growth in digital banking and cybersecurity solutions.
VersaBank (TSX: VBNK, NASDAQ: VBNK) held its 2022 Annual Meeting of Shareholders on April 20, 2022, in Toronto, Ontario. All director nominees from the Management Information Circular dated March 3, 2022, were elected. Notable voting results include Robbert-Jan Brabander receiving 93.96% in favor, while R.W. (Dick) Carter garnered only 56.96%. Shareholders also approved the re-appointment of KPMG LLP as auditors. Detailed voting results will be filed on SEDAR and EDGAR.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has announced its first Point-of-Sale Finance partnership in the U.S. with a major commercial transportation financing business. This initiative, similar to successful operations in Canada, is set to tap into the growing US$1.8 trillion U.S. consumer and small business finance market. The launch is expected to grow VersaBank's loan portfolio over the long term while mitigating risk. The partnership utilizes VersaBank's Receivable Purchase Program to enhance efficiency in financing a diverse range of sectors while minimizing credit risk through cash deposits.
VersaBank (TSX: VBNK, NASDAQ: VBNK) announced the successful completion of its SOC2 Type I audit for its VersaVault® technology, a key component in launching its Digital Deposit Receipts (DDRs). This audit validates the bank's operational controls for security, confidentiality, and privacy, enhancing customer confidence in its DDRs, which are backed by actual fiat deposits. The first DDR, VCAD, is set for commercial launch based on Canadian dollar deposits. VersaBank also emphasizes its role as a SOC2 compliant custodian for digital assets, positioning itself favorably in a competitive market.
VersaBank (TSX: VBNK, NASDAQ: VBNK) will hold its annual shareholder meeting on April 20, 2022, at the TMX Market Centre, located at 120 Adelaide Street West, Toronto, at 10:30 a.m.. The meeting will be live-streamed for electronic attendance. Shareholders must submit proxy voting instructions to Computershare Investor Services by April 18, 2022, to cast their votes. A correction was issued regarding the meeting's location address, ensuring accurate information for all participants. For more details, shareholders can refer to the Management Proxy Circular.
VersaBank (TSX: VBNK) reported strong year-over-year growth for Q1 2022, achieving a record loan portfolio of $2.22 billion, up 24% from the previous year and 5% sequentially. Revenue increased 18% year-over-year to $18.3 million, while net income rose 5% to $5.6 million, though EPS decreased to $0.19 due to dilution from a prior share offering. The bank's cost of funds decreased to 1.29%, and the net interest margin slightly improved to 2.77%. The launch of the VCAD Digital Deposit Receipt is underway, despite delays. Cybersecurity revenue rose 36% year-over-year.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has declared cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending April 30, 2022. These dividends will be payable on April 30, 2022 to shareholders of record by the close of business on April 8, 2022. The declared dividends are eligible for tax purposes, emphasizing the Bank's commitment to returning value to its shareholders.
VersaBank (TSX: VBNK, NASDAQ: VBNK) has appointed Garry W. G. Clement as Chief Anti-Money Laundering Officer. With over 40 years of experience in financial crime prevention, including significant roles with the Royal Canadian Mounted Police, Clement is expected to enhance the bank's security measures. This appointment aligns with the upcoming launch of the bank's Digital Deposit Receipts, aimed at facilitating secure digital transactions. Former CAMLO Barbara Hale has retired after 25 years, making way for this leadership change.
VersaBank (TSX: VBNK; NASDAQ: VBNK), a leader in digital banking, announced that David Taylor, its President and CEO, will speak at a panel on March 1, 2022, at 3:25 pm ET. The discussion will focus on How Technology Can Advance Fundamental Banking. A webcast of the event will be available on VersaBank's investor relations website, with a replay accessible after the event. VersaBank is known for its digital financial services and its commitment to cybersecurity through its subsidiary, DRT Cyber Inc.
VersaBank (TSX: VBNK, NASDAQ: VBNK) will announce its first quarter 2022 financial results on March 2, 2022, at 7:00 a.m. (EST). The earnings conference call starts at 9:00 a.m. (EST) and will last approximately 60 minutes. President & CEO David Taylor and other executives will present the financial results, followed by a Q&A session. Interested parties can access the call by phone or via a webcast, with archived materials available for 90 days. VersaBank operates as a fully digital bank, focusing on underserved market segments.