08:04 AM EDT, 07/15/2024 (MT Newswires) -- VersaBank ( VBNK ) Monday appointed four senior executives to its newly created U.S. subsidiary, VersaBank USA.

Tel Matrundola takes over as president of VersaBank USA while Shawn Clarke was appointed COO.

The company tapped Tim Bloom as chief risk officer and Kevin Sullivan assumed the role of Bank Secrecy Act officer.

The appointments are subject to approval by the VersaBank USA board upon completion of the U.S. bank acquisition, which is scheduled to close on Aug. 30.

"The appointments of these four experienced bank industry veterans establishes the senior team that will oversee our U.S. operations and will enable VersaBank ( VBNK ) to hit the ground running with our innovative Receivables Purchase Program immediately following close of our U.S. bank acquisition later this summer," said David Taylor, VersaBank's ( VBNK ) president and CEO.

VersaBank's ( VBNK ) share price closed 0.8% higher last Friday at $14.95.