VERSABANK PRICES OFFERING OF COMMON SHARES

Summary of Key Points Core Viewpoint - VersaBank has announced a public offering of 5,660,378 common shares at a price of US$13.25 per share, expecting gross proceeds of approximately US$75 million before underwriting discounts and offering costs [1][2]. Group 1: Offering Details - The offering includes an over-allotment option for underwriters to purchase an additional 15% of the common shares within 30 days from the final prospectus supplement [2]. - The net proceeds from the offering will be utilized for general banking purposes and will qualify as Common Equity Tier 1 capital for the bank [3]. - The closing of the offering is anticipated around December 18, 2024, subject to customary closing conditions and exchange approvals [4]. Group 2: Regulatory Filings - VersaBank has filed a preliminary prospectus supplement and will file a final prospectus supplement with securities regulatory authorities in Canada and the U.S. [6]. - The prospectus documents will be accessible on SEDAR+ and EDGAR, providing detailed information about the offering [6]. Group 3: Company Overview - VersaBank operates as a branchless, digital bank focused on underserved segments of the banking industry, leveraging proprietary technology for efficiency and return on equity [7]. - The bank has successfully launched a Receivable Purchase Program targeting the U.S. market, building on its experience in Canada [7]. - VersaBank also owns DRT Cyber Inc., a leader in cybersecurity services, addressing the growing threats faced by financial institutions and corporations [8].