LONDON, Ontario--(BUSINESS WIRE)--Pacific & Western Bank of Canada (TSX: PWB) is pleased to announce that it has changed its name to “VersaBank” (the “Bank”) effective May 13, 2016. The name change was approved by the shareholders of the Bank at the annual general and special meeting of shareholders held on April 27, 2016. The Bank subsequently received regulatory approval for the name change on May 13, 2016 from the Office of the Superintendent of Financial Institutions.
In connection with the name change, the Bank has been assigned the new Toronto Stock Exchange trading symbol “VB”. The Bank’s outstanding Common Shares (VB), Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 1 (VB.PR.A) and its Non-Cumulative 6-Year Rate Reset Preferred Shares, Series 3 (VB.PR.B) will commence trading on the Toronto Stock Exchange under the new name and trading symbols today, May 17, 2016.
The Bank’s branding is in a transitional phase until June 1st. The change of name to VersaBank is one of several initiatives being undertaken as part of the Bank’s rebranding which are aimed at more accurately illustrating the Bank’s focus on technology and its branchless model. On June 1, we will launch our newly branded website (versabank.com) and celebrate our new name with a bell-ringing ceremony at the TSX.
VersaBank, a highly versatile and technologically proficient 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.
This news release may contain forward-looking statements that are based on current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. The Bank is not under any obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.