VersaBank (formerly Pacific & Western Bank of Canada)

About VersaBank (formerly Pacific & Western Bank of Canada)

VersaBank is a North American bank located in downtown London on Fullarton Street. It serves as a business-to-business financial institution that provides deposit and lending solutions to underserved segments of the banking industry. The bank operates using a cloud-based, branchless model powered by its own proprietary technology. Rather than interacting directly with individual depositors and borrowers, VersaBank provides financing and deposit services through third-party financial intermediaries, whom it refers to as partners. These partners engage directly with the end users. The bank offers high-value add deposit and lending solutions, including a Receivables Purchase Program designed for consumer and small business financing companies. Founded by David Taylor, a veteran banker with a background in computer programming, the institution was established in 1993. It describes itself as the world's first fully digital financial institution, having received the first Canadian Schedule I Bank License in 18 years in 2002. The company aims to provide partners with technology-based banking alternatives that are not offered by the broader industry, allowing them to compete more effectively. Mr. Taylor serves as the founder, President, and Chief Executive Officer.