LONDON,
ON, Dec. 21, 2023 /CNW/ - VersaBank
("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK) announces
that it has made a $50,000 donation
to The Salvation Army as its new flagship charitable organization.
The donation will be used to support Harvest Hope, The Salvation
Army's food security campaign across Canada, including local programs in
London, Ont.
"More in our community clearly are struggling in this current
economic environment, and it has been disconcerting to see the
growing number of people turning to food banks for support," says
David Taylor, President and Chief
Executive Officer (CEO) at VersaBank. "We revisited our charitable
giving strategy in light of this increasingly pressing situation
and felt it was important to support the valuable work done by The
Salvation Army, which runs the local food bank."
VersaBank's $50,000 donation was
made in late October 2023, so that
the Salvation Army could take advantage of the support of an
anonymous donor who matched VersaBank's contribution.
"We encourage other companies to review their charitable
giving strategy in light of this difficult economy to ensure
their support is going where it can help the most," says
Taylor.
The Salvation Army estimates that one in five Canadians are
dealing with food insecurity. Food banks and food-related programs
served 5,141,481 people per month in 2022 and that number is
expected to be 60 per cent higher in 2023.
"The Salvation Army is deeply grateful for this incredible gift
from VersaBank, and their partnership in supporting those in our
community struggling with food insecurity," says Glenn van Gulik, Divisional Secretary for Public
Relations, The Salvation Army Ontario Division. "With the increase
in the number of households needing help to access healthy and
nutritious food for their families, VersaBank is making an
immediate impact on the lives of Canadians in their community and
across Canada."
Taylor adds that VersaBank enjoyed its many years of support of
the arts in London, Ontario.
However, in light of the growing concern over food security,
VersaBank has redirected its flagship charitable contribution
accordingly. VersaBank supports more than 50 charitable and
community organizations across Canada (visit
https://www.versabank.com/community-involvement/ )
About the Salvation Army
The Salvation Army is an international Christian organization
that began its work in Canada in
1882 and has grown to become the largest non-governmental direct
provider of social services in the country. The Salvation Army
gives hope and support to vulnerable people today and every day in
400 communities across Canada and
more than 130 countries around the world.
About VersaBank
VersaBank is a Canadian Schedule I chartered (federally
licensed) bank with a difference. VersaBank became the world's
first digital financial institution when it adopted its highly
efficient business-to-business model in 1993 using its proprietary
state-of-the-art financial technology to profitably address
underserved segments of the Canadian banking market in the pursuit
of superior net interest margins, while mitigating risk. VersaBank
obtains all of its deposits and provides the majority of its loans
and leases electronically, with innovative deposit and lending
solutions for financial intermediaries that allow them to excel in
their core businesses. In addition, leveraging its internally
developed IT security software and capabilities, VersaBank
established wholly owned, Washington, CD-based subsidiary, DRT Cyber
Inc. to safeguards its digital infrastructure and to pursue
significant large-market opportunities in cyber security and
develop innovative solutions to address the rapidly growing volume
of cyber threats challenging financial institutions, multinational
corporations and government entities on a daily basis.
VersaBank's Common Shares trade on the Toronto Stock Exchange
("TSX") and Nasdaq under the symbol VBNK. Its Series 1 Preferred
Shares trade on the TSX under the symbol VBNK.PR.A.
Visit our website at: www.versabank.com
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(formerly Twitter).
SOURCE VersaBank
