LONDON, Ontario--(BUSINESS WIRE)--The VersaBank (TSX: VB) Board of Directors is pleased to announce it has appointed The Hon. Maurizio Bevilacqua Vice-Chairman. Further to a news release of March 9, 2017, Mr. Bevilacqua was elected as a Director to the Board by shareholders at the Bank’s Annual General Meeting held on April 26, 2017. Further to his election as Director, Mr. Bevilacqua was subsequently appointed Vice-Chairman by the Board.
The Hon. Maurizio Bevilacqua was elected as the Mayor of the City of Vaughan in 2010. Prior to this, he was a Member of Parliament for 22 years and served in several roles including Minister of State for Finance, Minister of State for Science, Research and Development, as well as Chairman of the House of Commons Standing Committee on Finance. He is presently the Vice Chair of York Region Rapid Transit Corporation and Member of the Board of Directors and Chair of the Integration Committee for Alectra Inc., the second largest municipally-owned electric utility by customer base in North America. Mayor Bevilacqua also serves on a number of local boards including the Mackenzie Health Foundation Campaign Cabinet, the Advisory Council for the Certificate in Business Administration for the School of Continuing Studies at York University and is a member of the Global City Leaders Advisory Board for the World Council on City Data.
Mayor Bevilacqua holds a record for most votes ever received by a candidate in Canadian political history as well as most votes ever received by a municipal candidate in the history of the City of Vaughan. He is a graduate of York University as well as the Institute of Corporate Directors and Rotman School of Management.
David Taylor said “[w]e welcome Mr. Bevilacqua as Vice-Chairman of our Board. His depth of experience within the Federal Government as Minister of State for International Financial Institutions and Secretary of State for Science Research and Development ideally qualify him for a seat on our digital Bank’s Board. Also, it was during his tenure in the Federal Government that more flexible ownership rules and lower capital requirements were enacted to encourage new entrants to provide for more competition and more choice for Canadian consumers and small businesses. Mr. Bevilacqua has been keenly interested in how this important policy has evolved. Our Bank was the first in 2002 to receive its charter under this new legislation and prides itself on using new technologies to reach niche markets that our often under served by the larger banks. We look forward to working with Mr. Bevilacqua to grow our important niche banking services.”
VersaBank, a technology based and digital Canadian Schedule I chartered bank, operates using an "electronic branchless model". It sources deposits, consumer loans, commercial loans and leases electronically. The Bank also makes residential development and commercial mortgages it sources through a well-established network of brokers and direct contact with its lending staff. VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A and VB.PR.B, respectively.
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