Exhibit 4.7
FORM 51-102F3
MATERIAL CHANGE REPORT
| Item 1 | Name and Address of Company |
VersaBank
2002 – 140 Fullarton Street
London, Ontario
N6A 5P2
| Item 2 | Date of Material Change |
October 31, 2024
| Item 3 | News Release |
A news release describing the material change was issued on September 25, 2024 through the facilities of Canada News Wire and subsequently filed on SEDAR+.
| Item 4 | Summary of Material Change |
VersaBank (the “Bank”) announced that it intends to redeem all outstanding Non-cumulative 5-Year Rate Reset Preferred Shares, Series 1 (Non-Viability Contingent Capital (NVCC)) ("Series 1 Preferred Shares") of the Bank on October 31, 2024 (the “Redemption Date”).
| Item 5 | Full Description of Material Change |
| 5.1 | Full Description of Material Change |
VersaBank redeemed all outstanding Series 1 Preferred Shares of the Bank on October 31, 2024 at a price equal to $10.00 per share (the “Redemption Price”) together with all declared and unpaid dividends to the Redemption Date. Dividends were paid separately from the Redemption Price.
The redemption was approved by the Office of the Superintendent of Financial Institutions and was financed out of the general funds of the Bank.
| 5.2 | Disclosure for Restructuring Transactions |
Not Applicable
| Item 6 | Reliance on subsection 7.1(2) of National Instrument 51-102 |
Not Applicable.
-2-
| Item 7 | Omitted Information |
Not Applicable.
| Item 8 | Executive Officer |
For further information, please contact:
David Taylor
President & Chief Executive Officer
Telephone No: (519) 675-4216
| Item 9 | Date of Report |
October 31, 2024