LONDON, Ontario--(BUSINESS WIRE)--VersaBank (the "Bank") (TSX:VB) announced today that, in light of current market conditions, it has determined not to proceed with its previously announced public offering of non-cumulative 5-year rate reset preferred shares, series 5 of the Bank at this time and is withdrawing its preliminary short form prospectus previously filed on June 9, 2017.
VersaBank, a technology based and digital Canadian Schedule I chartered bank, operates using an "electronic branchless model". It obtains deposits, along with consumer and commercial loan and lease receivables, electronically. The Bank also makes residential development and commercial mortgages it obtains through a well-established network of brokers and through 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.