Skip to Content Subscribe FAQ My Account Manage My Subscriptions Customer Service News Local News National True Crime World Health Podcasts Weather Archives Strathroy Sports Local Sports Hockey London Knights NHL PWHL Soccer Football CFL NFL Baseball Basketball London Lightning NBA Curling Golf Tennis MMA Auto Racing Opinion Editorials Columnists Letters Contact Us Business Local Business Featured Businesses Mining Technology FP Markets Arts Local Arts Theatre Movies Television TV Listings Music Books Celebrity Life Horoscopes Fashion & Beauty Diet & Fitness Sexual Health Homes Decorating Gardening Food Recipes Parenting Relationships Royals Travel Travel Ontario Travel Canada Travel USA Travel International Cruises Travel Essentials Savings New York Times Crossword Contests National Contests Advice Horoscopes Weather Lives Told Tails Told Shopping London Free Press Store Newsletters Puzzmo Diversions Puzzles Comics Healthing Driving Vehicle Research Reviews News Gear Guide Ontario Farmer ePaper Obituaries Place an Obituary Place an In Memoriam Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place an Ad Business Card Directory Celebrations Pet Posts & Adoptions Real Estate Working Business Ads This Week's Flyers More Special Sections Manage Print Subscription Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Sports Opinion Letters Business Arts Life Shopping Newsletters Puzzmo Healthing Driving ePaper Obituaries Classifieds Manage Print Subscription HomeBusinessLocal BusinessNewsLocal NewsLender of the year says trade tensions hurting Canada, but his bank is still growingVersaBank specializes in business-to-business financing, including a type of point-of-sale loan the bank pioneered in Canada. You can save this article by registering for free here. Or sign-in if you have an account.VersaBank president David Taylor, recently named executive of the year by the Canadian Lenders Association, was photographed at the company’s headquarters in London on Monday, June 1, 2026. Geoff Robins/The London Free Press/Postmedia NetworkCanada’s economy may be on shaky ground amid the ongoing trade tensions with the United States, but that’s done little to slow the growth of London, Ont.-based VersaBank, whose founder has been named Executive of the Year by the Canadian Lenders Association.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Ryan Pyette, Dale Carruthers, Jane Sims, Norman De Bono and others. 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Plus, the Noon News Roundup newsletter on weekdays and the LFP Weekender newsletter on weekends.London Free Press ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Support local journalism.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorIn less than two years after acquiring Minnesota-based Stearns Bank Holdingford to enter the U.S., the branchless, digital commercial lender’s assets have surpassed $6 billion from about $4.8 billion, David Taylor, VersaBank’s founder and president, said.VersaBank is “one of the fastest (banks) we’ve ever seen in Canada, and in the States it’ll be even faster because the new products we’re bringing are very well received,” he said.For buyers, sellers, renters and dreamers — London's complex, fascinating real estate market is brought into focus and into context with this newsletter.By signing up, you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Homes in London will soon be in your inbox.We encountered an issue signing you up. Please try againThough its portfolio of banking products is growing, VersaBank specializes in business-to-business financing, including a type of point-of-sale loan the bank pioneered in Canada and is rolling out in the U.S.The way it works is that a customer can receive a loan when buying a big-ticket item, such as a motorcycle or HVAC system, offered by the business selling the product through a point-of-sale financing company. The loan is then bought by VersaBank, so the bank isn’t lending the money directly to the customer, but to its point-of-sale partner.“In effect, the loan goes on our balance sheet, (but) then our partner keeps the relationship with the borrower,” said Taylor, who worked for banks such as the Bank of Montreal and Barclays PLC before starting his own in 1993. “We have no interaction with the actual borrowers. That’s how it works (and) it’s rolling out really rapidly in the United States.”VersaBank’s share of revenues coming from south of the border is growing and now represents about 20 per cent, he said.Though largely immune to the economic pressures that the trade war with the U.S. has put on sectors such as manufacturing in Canada, Taylor said he’s still seeing the impacts through its services.For example, the bank offers a platform for insolvency professionals to manage estate funds, which is “unfortunately booming,” he said.“Bankruptcies and defaults on mortgages are at the highest levels in Canada,” he said. “Unfortunately, for average Canadians, it’s a tough time.”More than 37,100 Canadians either filed a consumer proposal or declared bankruptcy in the first three months of 2026, according to a recent report by the Office of the Superintendent of Bankruptcy. That’s 8.5 per cent higher than a year ago and is the highest quarterly level recorded nationally since the global financial crisis in 2009.“I’ve been doing (banking) for 50 years, and I see a lot of ups and downs in the economic cycles in Canada. This is a bad one,” Taylor said. “I hope we get our act together and figure out how to deal with our biggest customer, the United States.”VersaBank’s second-quarter financial results are scheduled to be released on Wednesday. In its first quarter, it reported $36.5 million in revenue, representing a year-over-year increase of 31 per cent, and net income of about $11.1 million, an increase of 36 per cent. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.