VERSABANK ANNOUNCES APPROVAL FOR AMENDMENT TO NORMAL COURSE ISSUER BID

Rhea-AI Summary

VersaBank (TSX: VBNK; NASDAQ: VBNK) announced an expansion of its Normal Course Issuer Bid (NCIB) on September 21, 2022, allowing share purchases on both the Toronto Stock Exchange and the Nasdaq. This amendment aims to enhance the Bank's capacity to utilize excess capital for significant growth opportunities. The NCIB will maintain its existing terms and conditions while enhancing the Bank's strategic position in the market.

Positive

• Expansion of NCIB to Nasdaq increases share repurchase opportunities.
• Enhances capacity for utilizing excess capital for growth.

Negative

• None.

LONDON, ON, Sept. 21, 2022 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK; NASDAQ: VBNK), announced today that the Toronto Stock Exchange ("TSX") has approved an amendment to the Bank's existing/current Normal Course Issuer Bid ("NCIB") for its common shares announced on August 15, 2022 to expand purchases for cancellation to the Nasdaq Global Select Market (the "Nasdaq").

Under the revised NCIB, the Bank will be permitted to purchase for cancellation on the open market through the facilities of the TSX and the Nasdaq, or through alternate trading systems.  All other terms and conditions of the NCIB will remain as previously announced.  Expanding purchases to the Nasdaq will further the Bank's capacity to utilize excess capital and fund significant growth opportunities.

ABOUT VERSABANK

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 TSX and on Nasdaq under the symbol VBNK. Its Series 1 Preferred Shares trade on the TSX under the symbol VB.PR.A.

Visit our website at: www.versabank.com

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SOURCE VersaBank

FAQ

What is the purpose of VersaBank's amendment to its Normal Course Issuer Bid?

The amendment allows VersaBank to repurchase shares on the Nasdaq, increasing its capacity to utilize excess capital for growth.

When was the amendment to the Normal Course Issuer Bid announced by VersaBank?

The amendment was announced on September 21, 2022.

What stock exchanges is VersaBank's Normal Course Issuer Bid applicable to?

The NCIB is applicable to both the Toronto Stock Exchange and the Nasdaq.

What is the stock symbol for VersaBank?

VersaBank trades under the symbol VBNK on both the TSX and NASDAQ.