VersaBank

VERSABANK ANNOUNCES FIRST IMPLEMENTATION OF REAL-TIME STRUCTURED RECEIVABLE PROGRAM

IN THE UNITED STATES

LONDON, ON - VersaBank (or the "Bank") (TSX: VBNK; NASDAQ: VBNK), a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced that its recently launched Real-Time Structured Receivable Program (SRP) has been implemented for the first time in the United States by the Bank's SRP partner ECN Capital.

"As expected, there has been a flood of demand for our breakthrough Real-Time SRP from both existing and prospective partners since launch just a couple of months ago," said David Taylor, Founder and President, VersaBank. "Feedback from these partners continues to confirm the economic, efficiency and risk mitigation benefits of our real-time capability, as well as the significant opportunity for our Real-Time SRP as a superior alternative to conventional securitization for point-of-sale funding."

"VersaBank's Real-Time SRP significantly enhances what was already a highly attractive and truly unique funding solution for point-of-sale financing businesses like ours," said Chris Johnson, SVP & Head of Capital Markets, ECN Capital. "The implementation of VersaBank's original SRP last year has not only helped us grow our business faster but has enabled us to do that more profitably. As always, the VersaBank team was exceptional to work with on this project and the integration of the Bank's technology enhancements into our operations was seamless. We look forward to continuing to grow our business with VersaBank."