VersaBank and PWC Capital Inc. Announce Appointment of Mr. Shawn Clarke as Chief Financial Officer

Mr. Clarke joined VersaBank in 2005 and has held a number of executive roles of increasing responsibility including Chief Risk Officer and was appointed to Chief Operating Officer in 2013. Mr. Clarke will retain his title of and responsibilities associated with Chief Operating Officer subsequent to his appointment to CFO. Mr. Clarke’s academic qualifications include Master’s degrees in both Business Administration (Finance), and Mechanical Engineering. Additionally, Mr. Clarke is a licensed Professional Engineer. The effective date of Mr. Clarke’s appointment is January 31, 2017.

President & CEO of VersaBank and PWC, David Taylor, stated: “I am delighted with the appointment of Shawn Clarke as CFO. Given that Mr. Clarke resides in London, Ontario, this further assists with our rationalization of key head office functions in London and helps with our previously announced proposed merger plan to create a more efficient Bank.”

Mr. Taylor wished VersaBank’s and PWC’s outgoing CFO, Mr. Barry Walter, the very best in his future endeavours. Mr. Walter, whose resignation is effective January 31, 2017, was CFO for VersaBank (and its predecessors) for approximately 22 years and he oversaw the acquisition of a Schedule 1 bank licence and the listing of VersaBank on the TSX in 2013. Both Boards of Directors, along with Mr. Taylor, thanked Mr. Walter for his years of service.

Securityholders of both VersaBank and PWC will vote on the previously announced and proposed merger this coming Friday, December 30, 2016. Closing of the merger remains subject to securityholder approval and certain regulatory approvals in Canada, including from the Minister of Finance. The merger also is subject to other closing conditions, including satisfaction of the customary conditions of the TSX.

About VersaBank
VersaBank, a technology based and digital Canadian Schedule I chartered bank, operates using an “electronic branchless model”. It sources deposits, consumer loans, commercial loans and leases electronically. VersaBank also makes residential development and commercial mortgages it sources through a well-established network of brokers and direct contact with its lending staff. VersaBank Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols, VB.PR.A, VB.PR.B, respectively.

About PWC Capital Inc.
PWC Capital Inc. is a holding company whose PWC Common Shares, PWC Class A Preferred Shares, PWC Class B Preferred Shares and PWC Series C Notes trade on the Toronto Stock Exchange under the symbols PWC, PWC.PR.A, PWC.PR.B, PWC.NT.C, respectively. PWC currently owns approximately 63% of VersaBank’s outstanding Common Shares.

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