VERSABANK RECOGNIZED FOR CONTINUING LEADERSHIP IN BANKING TECHNOLOGY

Core Insights - VersaBank has been recognized as a winner of the CIO Awards Canada for its innovative Capital Adequacy Requirement (CAR) project, which is essential for compliance with Canadian banking regulations [1][2][10] Group 1: Award Recognition - The award was presented to VersaBank's CIO, Wooi Koay, at a gala dinner in Toronto on September 25, 2024, highlighting the bank's commitment to technological innovation [1][5] - The CIO Awards Canada celebrate organizations that leverage IT to drive business growth and demonstrate significant business value [5][10] Group 2: Technological Innovation - VersaBank's CAR project involved migrating core CAR logic to a serverless cloud function, enhancing computing speed while maintaining the performance of its Asset Management System (AMS) [2][3] - The AMS is crucial for tracking assets and optimizing capital allocation to maximize returns on common equity [3] Group 3: Company Vision and Strategy - David Taylor, Founder and CEO of VersaBank, emphasized the bank's cloud-based, branchless model, which allows for efficient operations across North America [4][11] - The bank aims to replicate its success in Canada within the U.S. market, leveraging its proprietary technology to address underserved banking segments [4][11] Group 4: Market Position and Services - VersaBank operates primarily through electronic channels, benefiting from significant operating leverage that enhances efficiency and return on equity [11] - The bank recently launched a Receivable Purchase Program (RPP) targeting the U.S. market, building on its successful 15-year history in Canada [11]