Mr. David Taylor of VersaBank reports

VERSABANK CONGRATULATES RPP PARTNER ECN CAPITAL ON PRIVATIZATION TRANSACTION

VersaBank has congratulated its U.S. receivable purchase program partner, ECN Capital Corp., ECN founder and chief executive officer Steve Hudson, the purchasers of ECN Capital, and the investor group, controlled by Warburg Pincus LLC, on the recently announced privatization transaction for ECN Capital. ECN Capital, through its wholly owned subsidiary, Source One Financial Services, is the unnamed largest U.S. RPP partner to date recently added to the bank's U.S. RPP, as per the bank's news release of Nov. 3, 2025. VersaBank also announced completion of an additional financing with Source One, bringing total financings with Source One to date to more than $90-million (U.S.).

"VersaBank has a long and successful history of working with ECN Capital founder and point-of-sale financing veteran Steve Hudson, and we are thrilled to further our relationship through our partnership with ECN as it moves into its next stage of growth as a private company," said David Taylor, founder and president, VersaBank. "Our partnership with Source One is further evidence of the attractiveness of VersaBank's Core RPP financing solution in the United States. I would like to congratulate all on their recently announced transaction. We look forward to expanding our relationship with ECN to our mutual benefit. Both our core RPP and our securitized RPP offerings have strong momentum in the U.S. market, and we expect to expand our U.S. RPP assets to grow at a minimum of several fold in fiscal 2026."

"I am excited to once again partner with VersaBank and its founder and president David Taylor to build on the trusted relationship we have developed over decades of working together and continue to provide innovative lending options to the ever growing point-of-sale financing market," said Mr. Hudson. "VersaBank has played an important role in the success of my companies over the years, and this new partnership reflects our continued efforts throughout ECN to enhance operational efficiency as we seek to generate additional revenue utilizing VersaBank's innovative and attractive solution."

About Source One Financial Services and ECN Capital Corp.

Source One is a wholly owned subsidiary of ECN Capital. Source One is a specialty lending provider supporting over 3,500 dealerships across 47 states with flexible financing solutions that enhance the outdoor buying experience. Founded in 1999, Source One has spent more than 25 years building strong relationships with lenders and dealer partners, offering an efficient, turnkey loan platform and a comprehensive range of financing options to serve a broader base of customers and drive more sales.

With managed assets of $8.2-billion (U.S.), ECN Capital is a leading provider of business services to North American-based banks, institutional investors, insurance company, pension plan, bank and credit union partners. ECN Capital originates, manages and advises on credit assets on behalf of its partners, specifically consumer (manufactured housing, recreational vehicle and marine) loans and commercial (floor plan and rental) loans. Its partners are seeking high-quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) manufactured housing finance; and (ii) recreational vehicle and marine finance.

About VersaBank

VersaBank is a North American bank with a difference. Federally chartered in both Canada and the United States, VersaBank has a branchless, digital, business-to-business model based on its proprietary state-of-the-art technology that enables it to profitably address underserved segments of the banking industry in a significantly risk mitigated manner. Because VersaBank obtains substantially all of its deposits and undertakes the majority of its financing electronically through financial intermediary partners, it benefits from significant operating leverage that drives efficiency and return on common equity. In August, 2024, VersaBank broadly launched its unique receivable purchase program financing solution for point-of-sale finance companies, which has been highly successful in Canada for nearly 15 years, to the underserved multitrillion-dollar U.S. market. VersaBank also owns Minneapolis-based DRT Cyber Inc., a North American leader in the provision of cybersecurity services to address the rapidly growing volume of cyber threats challenging financial institutions, multinational corporations and government entities. Through DRT Cyber, VersaBank owns proprietary intellectual property and technology to enable the next generation of digital assets for the banking and financial community, including the bank's revolutionary tokenized deposits.

VersaBank's common shares trade on the Toronto Stock Exchange and Nasdaq under the symbol VBNK.

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