LONDON, Ontario--(BUSINESS WIRE)--VersaBank (TSX: VB) is pleased to announce the early redemption of a Subordinated Note of the Bank in the principal amount of $10 million, plus accrued and unpaid interest on March 8th, 2019. While this transaction will result in a modest reduction in the Bank’s annual interest expense, it will have an immaterial impact on the Bank’s total regulatory capital position. The Bank will continue to have adequate capital resources to maintain risk-based capital ratios that are well in excess of its established internal, and regulatory thresholds.
VersaBank adopted an electronic branchless model in 1993, becoming the world’s first branchless financial institution. It holds a Canadian Schedule I chartered bank license and obtains its deposits, and the majority of its loans and leases, electronically. 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.