Securityholders of London, Ontario-based VersaBank and its majority owner, PWC Capital Inc., approved the entities' merger.
The recapitalization of PWC was also given the green light. The merger is slated to close during the first quarter of 2017, subject to regulatory approvals.
Holders of PWC Series C notes also approved the modification and waiver of their right to receive any interest payments that become due and payable while the pre-amalgamation agreement between VersaBank and PWC is in force.
PWC is also redeeming for cash its 7.5% notes maturing March 31, 2017, and its nonvoting, nonparticipating class A preferred shares. The shares will be redeemed in accordance with their terms, effective as of Jan. 27, 2017, and Jan. 30, 2017, respectively.