VERSABANK COMPLETES SUCCESSFUL OFFERING OF COMMON SHARES

Summary of Key Points Core Viewpoint - VersaBank has successfully completed a public offering of common shares, raising approximately US$75 million, which will be used for general banking purposes and will qualify as Common Equity Tier 1 capital for the Bank [1][2]. Group 1: Offering Details - The offering price was set at US$13.25 per share, with a total of 5,660,378 shares sold, resulting in gross proceeds of US$75,000,009 (approximately CAD$107,287,513) [1]. - An over-allotment option has been granted to underwriters to purchase an additional 15% of the common shares sold, exercisable until January 15, 2025 [2]. Group 2: Underwriters and Regulatory Filings - Raymond James & Associates, Inc. acted as the sole bookrunning manager, with Keefe, Bruyette & Woods, A Stifel Company, and Roth Canada, Inc. serving as co-managers for the offering [3]. - The offering was conducted under a prospectus supplement dated December 16, 2024, which is part of the Bank's short form base shelf prospectus filed with Canadian securities regulatory authorities and the U.S. SEC [4]. Group 3: Company Overview - VersaBank operates a branchless, digital, business-to-business banking model, focusing on underserved segments of the banking industry [7]. - The Bank has launched a Receivable Purchase Program (RPP) funding solution aimed at the U.S. market, building on its successful experience in Canada [7]. - VersaBank also owns DRT Cyber Inc., a leader in providing cybersecurity services to financial institutions and government entities [7].