VersaBank and PWC Capital have each appointed Shawn Clarke as its chief financial officer.

Clarke joined VersaBank in 2005 and has held a number of executive roles of increasing responsibility including chief risk officer and was appointed chief operating officer in 2013. Clarke will retain his title of and responsibilities associated with COO subsequent to his appointment to CFO.

Clarke’s appointment is effective January 31, 2017.

President and CEO of VersaBank and PWC, David Taylor, said, “I am delighted with the appointment of Shawn Clarke as CFO. Given that Mr. Clarke resides in London, Ontario, this further assists with our rationalization of key head office functions in London and helps with our previously announced proposed merger plan to create a more efficient bank.”

Taylor wished VersaBank’s and PWC’s outgoing CFO, Barry Walter, the very best in his future endeavors. Walter, whose resignation is effective January 31, 2017, was CFO for VersaBank (and its predecessors) for approximately 22 years, and he oversaw the acquisition of a Schedule 1 bank license and the listing of VersaBank on the TSX in 2013.

Securityholders of both VersaBank and PWC will vote on the previously announced and proposed merger on December 30, 2016. Closing of the merger remains subject to securityholder approval and certain regulatory approvals in Canada, including from the Minister of Finance. The merger also is subject to other closing conditions, including satisfaction of the customary conditions of the TSX.

VersaBank, a technology based and digital Canadian Schedule I chartered bank, operates using an “electronic branchless model.” It sources deposits, consumer loans, commercial loans and leases electronically.

PWC Capital is a holding company. PWC currently owns approximately 63% of VersaBank’s outstanding common shares.