LONDON, Ontario--(BUSINESS WIRE)--VersaBank (TSX:VB) is pleased to announce that its Integrated Insolvency Trustee Banking Services has now been adopted by all of Canada’s national consumer insolvency firms and by many regional firms.
David Taylor, President & CEO of the Bank stated, “VersaBank has built innovative software platforms so that it can quickly deliver ideally suited financial products and services to niche markets. The rapid adoption of our integrated banking services by the insolvency industry is a perfect example of our mission being successfully executed. Since launching our integrated banking services in April 2012, we’ve opened over 3,000 new insolvency accounts and gathered over $750 million in deposits and now process about 12,000 cheques from this channel per month. VersaBank designed and built a custom online commercial banking platform that seamlessly integrates with the insolvency industry’s most popular administrative software. Insolvency professionals now have access to a highly efficient, economical and ideally suited banking package. This is a ‘win-win’ as it is also providing VersaBank with a new channel to gather lower cost deposits.”
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. VB’s common shares trade on the Toronto Stock Exchange under the symbol VB.
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