VERSABANK DECLARES DIVIDENDS

Rhea-AI Summary

VersaBank (TSX: VBNK, NASDAQ: VBNK) announced on June 5, 2024, the declaration of cash dividends for the quarter ending July 31, 2024. A dividend of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share will be payable on July 31, 2024. Shareholders of record at the close of business on July 5, 2024, will be eligible for these dividends. The declared dividends are considered eligible for tax purposes.

Positive

• Declared a quarterly dividend of CAD $0.025 per Common Share.
• Declared a quarterly dividend of CAD $0.1693 per Series 1 Preferred Share.
• Dividends are payable on July 31, 2024, which provides a clear timeline for investors.
• Dividends are considered eligible for tax purposes, potentially advantageous for shareholders.

Negative

• Dividends declared are relatively small, CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share, which may not significantly impact investor sentiment.

LONDON, ON, June 5, 2024 /PRNewswire/ - VersaBank (the "Bank") (TSX: VBNK) (NASDAQ: VBNK) today announced that cash dividends in the amount of CAD $0.025 per Common Share of the Bank and CAD $0.1693 per Series 1 Preferred Share of the Bank, have been declared for the quarter ending July 31, 2024, payable as of July 31, 2024, to shareholders of record at the close of business on July 5, 2024.

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

About VersaBank

VersaBank is a Canadian Schedule I chartered (federally licensed) bank with a difference. VersaBank became the world's first fully digital financial institution when it adopted its highly efficient business-to-business model in 1993 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 safeguard its digital infrastructure and 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 Toronto Stock Exchange ("TSX") and Nasdaq under the symbol VBNK. Its Series 1 Preferred Shares trade on the TSX under the symbol VBNK.PR.A.

Visit our website at:  www.versabank.com

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SOURCE VersaBank

FAQ

What dividend was declared by VersaBank for Common Shares on June 5, 2024?

VersaBank declared a dividend of CAD $0.025 per Common Share for the quarter ending July 31, 2024.

What is the dividend amount for VersaBank's Series 1 Preferred Shares declared on June 5, 2024?

The dividend amount declared for VersaBank's Series 1 Preferred Shares is CAD $0.1693 per share for the quarter ending July 31, 2024.

When is the record date for VersaBank's declared dividends?

The record date for the declared dividends is July 5, 2024.

When will VersaBank pay the declared dividends?

VersaBank will pay the declared dividends on July 31, 2024.

Are the declared dividends by VersaBank eligible for tax purposes?

Yes, the declared dividends are considered eligible for tax purposes.