VersaBank Receives Approval From Canada's Finance Minister, François-Philippe Champagne, To Realign Its Corporate Structure To Standard US Bank Framework Reorganization

VersaBank (TSX:VBNK) (NASDAQ:VBNK) ("VersaBank" or the "Bank"), a North American leader in business-to-business digital banking, digital asset technology and technology solutions for cybersecurity, today announced it has received approval from Canada's Finance Minister, François-Philippe Champagne, for its previously announced plan to realign its corporate structure to a standard U.S. bank framework reorganization pursuant to which Versa Bancorp, a new Delaware corporation, will become the direct holding company of the Bank (the "Reorganization"). Approval by Minister Champagne is one of two regulatory approvals required for the Bank to complete the Reorganization following its approval by the Bank's shareholders in September.

The Reorganization, which is targeted for completion by the end of October 2026, remains subject to approval by the Federal Reserve Board in the United States. There can be no assurance that VersaBank will receive such approval in a timely manner, if at all.