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VersaBank Announces Redemption of Non-Cumulative Series 3 Preferred Shares (NVCC)
VersaBank Announces Redemption of Non-Cumulative Series 3 Preferred Shares (NVCC) ...
About this update from Versabank
[{"type":"text","content":"\n \n \n \n VersaBank Announces Redemption of Non-Cumulative Series 3 Preferred Shares (NVCC)\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 March 31, 2021\n \n /CNW/ - VersaBank (TSX: VB) (\"VersaBank\" or the \"Bank\") today announced its intention to redeem all outstanding Non-cumulative 6-Year Rate Reset Preferred Shares, Series 3 (Non-Viability Contingent Capital (NVCC)) (\"Series 3 Preferred Shares\") of the Bank on April 30, 2021 at a price equal to $10.00 per share together with all declared and unpaid dividends to the Redemption Date.\n \n \n \n \n \n \n \n \n \n The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of the Bank. This redemption is part of the Bank's ongoing management of its regulatory capital.\n \n \n On February 23, 2021, the Board of Directors of the Bank declared quarterly dividends of\n \n $0\n \n .175 per Series 3 Preferred Share. These will be the final dividends on the Series 3 Preferred Shares, and will be paid in the usual manner on April 30, 2021 to shareholders of record on April 2, 2021, as previously announced. After April 30, 2021, the Series 3 Preferred Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.\n \n \n Beneficial holders who are not directly the registered holder of Series 3 Preferred Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.  Inquiries should be directed to our Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-800-564-6253.\n \n \n \n ABOUT VERSABANK\n \n \n \n VersaBank is a Canadian Schedule I chartered bank with a difference. VersaBank became the world's first fully digital financial institution when it adopted its highly efficient business-to-business mod...