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VersaBank Achieves Record Loan Assets with Significantly Increased Origination Activity to Date in the First Quarter of 2021
VersaBank Achieves Record Loan Assets with Significantly Increased Origination Activity t...
About this update from Versabank
[{"type":"text","content":"\n \n \n \n VersaBank Achieves Record Loan Assets with Significantly Increased Origination Activity to Date in the First Quarter of 2021\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n LONDON, ON\n \n ,\n \n Jan. 13, 2021\n \n /CNW/ - VersaBank (\"VersaBank\" or the \"Bank\") (TSX: VB) today announced that its loan portfolio has surpassed\n \n $1.7 billion\n \n , a new record for the Bank.  The recent growth in the loan portfolio is being driven by significantly increased origination activity in both of the Bank's existing primary lending channels, Point-of-Sale Financing and Commercial Banking with loans primarily to residential multi-unit dwelling builders.\n \n \n \n \n \n \n \n \n \n \"VersaBank is experiencing our most rapid loan portfolio growth in our history in recent months as we redeploy our atypically high cash balances in 2020 following our cautionary stance at the beginning of the pandemic,\" said\n \n David Taylor\n \n , President and Chief Executive Officer.  \"As a result, building on years of strong, steady growth in our lending portfolio, we have achieved a new record, as the resumption of big-ticket consumer spending and renewed residential construction activity, combined with a strengthened competitive position based on the superior financial health of our Bank through 2020, has driven strong loan origination in both our Point-of-Sale Financing and Commercial Banking lending portfolios.\"\n \n \n \"In addition to the elevated origination activity in our two existing lending channels, we expect to begin originating loans in our third lending channel, Instant Mortgage, which will apply similar technology that has powered the significant growth in our Point-of-Sale Financing business and contributed considerably to the Bank's 23% compounded annual growth over the past six years, to enter the\n \n $200 billion\n \n Canadian home financing market.\"\n \n \n Instant Mortgage is a revolutionary high-volume residential financing software app for home and condominium builders and sales brokerage firms that...