VersaBank
| Public | |
| Traded as | TSX: VB |
| Industry | Bank |
| Founded | 1980 |
| Headquarters | London, Ontario, Canada |
Key people | David Taylor, President & CEO |
| Products | Financial services |
| Website |
VersaBank, formerly Pacific & Western Bank of Canada, is a Canadian chartered bank that was founded in Saskatoon, Saskatchewan in 1980 as a trust company. It later moved its head offices to London, Ontario, and on August 1, 2002, it was granted a Schedule I Canadian chartered bank licence by the Canadian federal government, the first in approximately 18 years. The bank is publicly traded as VB on the Toronto Stock Exchange.
VersaBank was the country's first branchless financial institution, choosing to invest instead in a technology based platform. When entrepreneur and founder of the bank, David Taylor, designed the electronic branchless platform, he was referred to as a visionary ahead of his time, by senior government officials, Canadian ministers and states people of the day. The bank has maintained its position in the financial services industry as a leader in innovation. Historically, its deposits have been raised digitally by way of a comprehensive broker network situated throughout Canada, a first of its kind. In 2016, there were over 120 deposit broker firms raising its deposits, including many of the in-house brokerage firms of the big six Canadian banks. Its lending portfolio consists of commercial and corporate lending, real estate and development financing, and an innovative, state-of-the-art bulk purchase program. The bank's target market is well-established Canadian corporate entities. In 2016, VersaBank continued its record of "zero" loan losses.
In May 2016, the bank changed its name to VersaBank.