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) has declared cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending July 31, 2022. These dividends are payable on July 31, 2022, to shareholders recorded by July 8, 2022. Moreover, these dividends qualify as eligible dividends for tax purposes.
VersaBank operates as a digital financial institution, focusing on underserved banking segments with innovative financial technology solutions.
VersaBank (TSX: VBNK) will announce its second quarter 2022 financial results on June 1, 2022. The results are expected to be released at 7:00 a.m. (EDT), followed by a conference call at 9:00 a.m. (EDT), lasting about 60 minutes. During the call, CEO David Taylor and other executives will present the financial results and take questions from participants. The presentation materials will be available on the Bank's website and SEDAR. A replay of the call will be available until July 1, 2022.
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, 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) 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 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.