VERSABANK DECLARES DIVIDENDS

Rhea-AI Summary

VersaBank (TSX: VBNK) has declared cash dividends of CAD $0.025 per Common Share and CAD $0.1693 per Series 1 Preferred Share for the quarter ending July 31, 2022. These dividends are payable on July 31, 2022, to shareholders recorded by July 8, 2022. Moreover, these dividends qualify as eligible dividends for tax purposes.

VersaBank operates as a digital financial institution, focusing on underserved banking segments with innovative financial technology solutions.

Positive

• Dividend of CAD 0.025 per Common Share enhances shareholder income.
• Dividend of CAD 0.1693 per Series 1 Preferred Share shows company confidence.

Negative

• None.

LONDON, ON, June 1, 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 July 31, 2022, payable as of July 31, 2022, to shareholders of record at the close of business on July 8, 2022.

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

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 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's Common Shares for Q3 2022?

The dividend amount for VersaBank's Common Shares for Q3 2022 is CAD $0.025.

What is the dividend amount for VersaBank's Series 1 Preferred Shares for Q3 2022?

The dividend for VersaBank's Series 1 Preferred Shares for Q3 2022 is CAD $0.1693.

When will the dividends for Q3 2022 be paid by VersaBank?

The dividends for Q3 2022 will be paid on July 31, 2022.

When is the record date for receiving dividends from VersaBank?

The record date for receiving dividends from VersaBank is July 8, 2022.

Are the dividends declared by VersaBank eligible for tax purposes?

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