LONDON, Ontario--(EON: Enhanced Online News)--VersaBank (TSX: VB, VB.PR.A, VB.PR.B) (“VersaBank”) and PWC Capital Inc. (TSX: PWC, PWC.PR.A, PWC.PR.B, PWC.NT.C) (“PWC”) today jointly announced that each has appointed Mr. Shawn Clarke as its Chief Financial Officer (“CFO”).
“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. 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.
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.
This news release may contain forward-looking information within the meaning of applicable securities laws that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for the combined entity following the Merger and expectations regarding whether the Merger will be consummated, including whether conditions to the consummation of the Merger will be satisfied, or the timing for completing the Merger. The words “may”, “would”, “could”, “should”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “aim”, “endeavour”, “project”, “continue”, “predict”, “potential”, or the negative of these terms or other similar expressions have been used to identify these forward-looking statements.
Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond management’s control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. Management has attempted to identify important factors that could cause actual results, performance or achievements to vary from current expectations or estimates, expressed or implied, by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
The following factors could cause actual results to differ materially from those discussed in the forward-looking information: failure to satisfy the conditions to completion of the merger; failure to obtain the necessary securityholder or regulatory approvals; and the occurrence of any event, change or other circumstance that could give rise to amendment to, variation of or termination of the definitive agreements concerning the merger. Additional risks and uncertainties regarding VersaBank and PWC are described in their respective most recent management discussion and analysis which are available on SEDAR at www.sedar.com.
This forward-looking information represents our views as of the date of this press release and such information should not be relied upon as representing management’s views as of any date subsequent to the date of this document. While we anticipate that subsequent events and developments may cause our views to change, we do not intend to update this forward-looking information, except as required by applicable securities laws.