VERSABANK DECLARES DIVIDENDS

Rhea-AI Summary

VersaBank (TSX: VBNK) (NASDAQ: VBNK) has announced its quarterly dividend declaration for the period ending October 31, 2024. The bank will pay CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share. These dividends are payable on October 31, 2024, to shareholders of record as of the close of business on October 4, 2024. VersaBank has confirmed that these dividends qualify as eligible dividends for tax purposes, which may have implications for shareholders' tax planning strategies.

Positive

• Consistent dividend payment demonstrates financial stability
• Dividend declaration signals confidence in the bank's performance
• Eligible dividend status may provide tax benefits for shareholders

Negative

• None.

LONDON, ON, Sept. 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 October 31, 2024, payable as of October 31, 2024, to shareholders of record at the close of business on October 4, 2024.

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

About VersaBank

VersaBank is a North American bank (federally chartered in Canada and the U.S.) with a difference.  VersaBank has a branchless, digital, business-to-business model based on its proprietary state-of-the-art technology that enables it to profitably address underserved segments of the banking industry in a significantly risk mitigated manner. Because VersaBank obtains substantially all of its deposits and undertakes the majority of its lending electronically through financial intermediary partners, it benefits from significant operating leverage that drives efficiency and return on common equity. In August 2024, VersaBank launched its unique Receivable Purchase Program (RPP) funding solution for point-of-sale finance companies, which has been highly successful in Canada for nearly 15 years, to the underserved multi-trillion-dollar U.S. market. VersaBank also owns Washington, DC-based DRT Cyber Inc., a North America leader in the provision of cyber security services to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities.

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) common shares in Q4 2024?

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

When is the ex-dividend date for VersaBank's (VBNK) Q4 2024 dividend?

The ex-dividend date is not specified in the press release. Shareholders of record at the close of business on October 4, 2024, will be eligible for the dividend.

Are VersaBank's (VBNK) dividends considered eligible dividends for tax purposes?

Yes, VersaBank has confirmed that the declared dividends are eligible dividends for tax purposes.

What is the dividend amount for VersaBank's (VBNK) Series 1 Preferred Shares in Q4 2024?

VersaBank has declared a dividend of CAD $0.1693 per Series 1 Preferred Share for the quarter ending October 31, 2024.

When will VersaBank (VBNK) pay its Q4 2024 dividends?

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