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), 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.
VersaBank, a leader in digital banking and cybersecurity technology, announced a change in its Toronto Stock Exchange ticker symbol from VB to VBNK, effective January 25, 2022. This change aligns its TSX symbol with its Nasdaq symbol, which remains unchanged. Additionally, the Bank's non-cumulative 5-year Rate Reset Preferred Shares will now trade under the symbol VBNK.PR.A. This move aims to enhance brand consistency across exchanges and does not impact trading or the Bank's operational strategy.
VersaBank (NASDAQ: VBNK) reported significant financial growth for Q4 and the entire year 2021, highlighting a 33% increase in total revenue to $18.2 million and a 21% increase to $65.4 million year-over-year. Net income rose 25% to $5.9 million in Q4 and 15% to $22.4 million for the year, with earnings per share up by 17% to $0.96. The cost of funds decreased by 13% to 1.31%, while total loans surged 27% year-over-year to a record $2.1 billion. The bank is also advancing its Digital Deposit Receipt initiative, aiming for further growth in 2022.
VersaBank (NASDAQ: VBNK) announced cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending January 31, 2022. These dividends are payable on January 31, 2022, to shareholders on record as of January 7, 2022. The declared dividends are eligible for tax purposes.
Incorporating a fully digital banking model, VersaBank aims to profitably address underserved market segments, enhancing shareholder value through sustainable business practices.
VersaBank (NASDAQ: VBNK) announces an expansion of its closed ecosystem testing for Digital Deposit Receipts (DDRs), now including US dollar-denominated DDRs (VUSD) alongside previously tested Canadian dollar-denominated DDRs (VCAD). The testing incorporates Algorand and Ethereum blockchains and is being conducted in partnership with Stablecorp. The DDR model aims to offer a regulatory-compliant alternative to existing stablecoins, enhancing security and transparency. A SOC 2 audit is in progress, with plans for a commercial launch in early 2022.
VersaBank (TSX: VB, NASDAQ: VBNK) will announce its Annual 2021 financial results on December 1, 2021, at 7:00 a.m. (EST). An earnings conference call will follow at 9:00 a.m. (EST), featuring insights from David Taylor, President & CEO. The event is set to last about 60 minutes and includes a Q&A session. Interested participants can access the call through an audio line or a live webcast, with the latter being archived for 90 days. VersaBank is recognized as the world’s first fully digital financial institution, focusing on underserved market segments.
VersaBank (TSX: VB; NASDAQ: VBNK) will present virtually at the Investor Summit Q4 Conference on November 17, 2021, at 9:30 a.m. ET. CEO David Taylor will discuss the Bank’s efficient digital operations, which have achieved a 23% compound annual growth rate in net income over the past six years. The Bank’s new lending channel aims to penetrate the $200 billion Canadian home financing market. Additionally, the presentation will highlight DRT Cyber’s innovative security solutions and recent acquisition of Digital Boundary Group, enhancing its cybersecurity capabilities.
VersaBank (TSX: VB, NASDAQ: VBNK) announced the cancellation of 7,477 unexchanged common shares, representing 0.0272% of its outstanding shares, effective October 7, 2021. These shares were from predecessor classes not deposited during the amalgamation with PWC Capital Inc. on January 31, 2017. VersaBank's current outstanding share capital is 27,441,082 common shares and 1,461,460 series 1 preferred shares. The bank continues to leverage technology to address underserved market segments and has expanded into cybersecurity through its subsidiary, DRT Cyber Inc.
VersaBank announced the full exercise of an over-allotment option in its public offering, resulting in the sale of an additional 825,000 common shares at US $10.00 per share. This increase brings the total number of shares sold to 6,325,000, generating gross proceeds of US $63,250,000. The offering was managed by a syndicate led by Raymond James & Associates and Keefe, Bruyette & Woods. The funds are expected to support VersaBank's future growth and innovation within the digital banking and cybersecurity sectors.