VersaBank announced that it intends to offer, subject to market and other conditions, USD 50 million aggregate principal amount of fixed to floating rate subordinated notes due 2031 in a private offering to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside of the United States in reliance on Regulation S under the Securities Act of 1933, as amended. In Canada, the Notes are to be offered and sold on a private placement basis in certain provinces of Canada in reliance upon one or more exemptions from prospectus requirements. The Notes will be fixed to floating rate subordinated notes (non-viability contingent capital) of the Bank. The interest rate and certain other terms of the Notes will be determined at the time of the pricing of the offering. The Bank expects to use the net proceeds from the sale of the Notes for general corporate purposes.