Bank / Credit Union

VersaBank appoints indigenous directors, relaunches indigenous lending programs

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August 17, 2021

VersaBank, a Canadian bank, has relaunched its Indigenous and Remote Community Lending business to serve those communities. As part of this, the bank has also appointed Roland Bailey as executive director of the Indigenous Infrastructure Program and Robert-Falcon Ouellette as executive director of Indigenous Housing Initiatives, according to a press release.

From 1993 to 2008, VersaBank provided hundreds of millions of dollars in financing for schools, hospitals, water treatment facilities, apartment buildings, recreational centers and more for Indigenous and remote communities. The bank halted lending due to changes within the Canadian government.

"We were very disappointed when a shift in government sentiment in 2008 necessitated that we halt lending to that program," David Taylor, president and CEO, VersaBank, said in the release. "With the emergence of an encouraging environment and the federal government's commitment to accelerating work to close infrastructure gaps and build healthier, safer, and more prosperous Indigenous communities, we are thrilled to be able to re-start this program," We are especially thrilled to begin to offer home financing solutions, based on our new Instant Mortgage software application, focused on meeting the specific needs of Indigenous Canadians in both urban centers and northern communities, a group that historically has been woefully underserved by Canadian financial institutions."

Oullette, who is a member of the Red Pheasant Cree Nation served as a member of Parliament for Winnipeg Center. He was also director of the Aboriginal Focus Programs at the University of Manitoba.

Prior to joining VersaBank, Bailey served as EVP of Valard Construction.