VERSABANK DECLARES DIVIDENDS

Rhea-AI Summary

VersaBank (TSX: VBNK; NASDAQ: VBNK) declared cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending January 31, 2023. The dividends, payable on January 31, 2023, are for shareholders of record on January 6, 2023. All dividends are eligible for tax purposes. As a fully digital financial institution, VersaBank addresses underserved banking segments, aiming for superior net interest margins while mitigating risks.

Positive

• Declared dividends of CAD $0.025 per Common Share, CAD $0.1693 per Series 1 Preferred Share.
• Dividends are eligible for tax purposes, enhancing their attractiveness to shareholders.

Negative

• None.

LONDON, ON, Dec. 7, 2022 /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 January 31, 2023, payable as of January 31, 2023, to shareholders of record at the close of business on January 6, 2023.

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

About VersaBank

VersaBank is a Canadian Schedule I chartered (federally regulated) 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 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 is the dividend amount for VersaBank (VBNK) in January 2023?

VersaBank declared a dividend of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share.

When is the dividend payment date for VBNK?

The dividend payment date for VersaBank is January 31, 2023.

Who are eligible shareholders for the January 2023 dividends of VBNK?

Shareholders of record at the close of business on January 6, 2023, are eligible for the dividends.

Are the dividends declared by VersaBank eligible for tax purposes?

Yes, the dividends are eligible dividends for tax purposes.