Latest Highlights from VersaBank's Annual Shareholder Meeting

Insights from VersaBank's Annual Shareholder Meeting

VersaBank (TSX: VBNK) has recently wrapped up its Annual Meeting of Shareholders, a significant event that showcases the commitment of the bank to its stakeholders.

The Election Results of Directors

During the meeting, shareholders elected each of the nominated directors as outlined in VersaBank's Management Information Circular. Here’s a breakdown of the election results:

Director Nominees and their Vote Counts

The Honourable Frank Newbould received overwhelming support with 10,013,335 votes in favor, amounting to 98.97%, while 104,228 votes were withheld. Similarly, Robbert-Jan Brabander garnered 9,933,208 votes (98.18%) for with only 184,352 votes in opposition.

David A. Bratton received 9,826,370 votes for a favorable percentage of 97.12%, while Gabrielle Bochynek had 9,954,965 in favor, achieving an approval rate of 98.39%.

Other notable results include Peter M. Irwin with 9,866,106 in favor (97.51%) and Richard Jankura with a supportive vote of 9,959,038 (98.43%). Arthur Linton and Susan T. McGovern also performed well, with Linton receiving 9,930,273 votes (98.15%) and McGovern securing 9,470,605 votes, accounting for 93.61% in favor.

Paul G. Oliver and David R. Taylor were among the final nominated directors with Oliver receiving 9,953,995 votes (98.38%) and Taylor achieving a remarkable 10,024,905 votes, which represented 99.08% in favor.

Appointment of Auditors

At this event, shareholders also approved Ernst & Young LLP as the auditors for VersaBank, marking a crucial step in maintaining robust financial oversight.

VersaBank's Commitment to Innovation

VersaBank stands out in North America for its innovative and digital-centric banking model. By operating without physical branches, it efficiently serves various business clients using advanced technology. This model allows the bank to respond effectively to underserved segments of the banking industry.

One of its recent initiatives includes the successful launch of its Receivable Purchase Program. This solution caters to point-of-sale finance firms in a historically thriving market, demonstrating VersaBank's adaptability and forward-thinking mindset.

An impressive addition to VersaBank's portfolio is its ownership of DRT Cyber Inc., a leader in cybersecurity services. This operation enhances the bank’s capability to protect multiple sectors against escalating cyber threats.

Technological Advancements

Through its subsidiary, Digital Meteor Inc., VersaBank continues to lead in developing next-generation digital assets for the finance community. The introduction of Digital Deposit Receipts (DDRs) marks a significant advancement in the banking technology landscape.

Conclusion

VersaBank's Common Shares are actively traded on various platforms, including the Toronto Stock Exchange under the ticker VBNK. The outcomes of the recent meeting and further initiatives highlight the bank’s commitment to innovation and stakeholder engagement.

Frequently Asked Questions

What were the key outcomes of the VersaBank meeting?

The meeting saw the election of directors and the approval of Ernst & Young as auditors.

How did the directors perform during the voting?

Directors received significant support, with most securing over 90% approval from shareholders.

What is VersaBank known for?

VersaBank is noted for its digital banking model that operates without traditional physical branches, using advanced technology for client engagement.

What cybersecurity measures does VersaBank implement?

VersaBank owns DRT Cyber Inc., which provides cybersecurity services to protect financial and governmental institutions.

Where can I find more information about VersaBank?

Investors can find further detailed information on VersaBank’s official website and through their filings with regulatory bodies.

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