Pacific & Western Bank of Canada
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| Public | |
| Traded as | TSX: VB |
| Industry | Bank |
| Founded | 1980 |
| Headquarters | London, Ontario, Canada |
|
Key people
|
David Taylor, President & CEO |
| Products | Financial services |
| Website | [1] |
VersaBank, formerly Pacific & Western Bank of Canada was founded in Saskatoon, Saskatchewan in 1980, operating originally as a Trust company, and later moving its head offices to London, Ontario. 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. Canada had not yet seen anything quite so innovative. 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 6 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 formally changed its name to VersaBank.
