Canadian Western Bank

Canadian Western Bank

February 10, 2014 08:16 ET

Canadian Western Bank Announces Closing of Preferred Share Offering

EDMONTON, ALBERTA--(Marketwired - Feb. 10, 2014) -


Canadian Western Bank (TSX:CWB) today announced that it has closed its domestic public offering of Basel III-compliant non-cumulative 5-year rate reset First Preferred Shares Series 5 (the "Series 5 Preferred Shares"). CWB issued 5 million Series 5 Preferred Shares at a price of $25 per share to raise gross proceeds of $125 million. The offering was underwritten by a syndicate led by National Bank Financial Inc.

The Series 5 Preferred Shares will commence trading today on the Toronto Stock Exchange under the ticker symbol CWB.PR.B. The Series 5 Preferred Shares were issued under a prospectus supplement dated February 3, 2014 to CWB's short form base shelf prospectus dated January 30, 2014.

In conjunction with the closing of this offering, CWB has confirmed regulatory approval to redeem the currently outstanding non-cumulative 5-year rate reset First Preferred Shares Series 3 (TSX:CWB.PR.A), and intends to proceed with the full redemption of these shares on April 30, 2014 in accordance with the terms of such shares.

The Series 5 Preferred Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act and applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities in the United States.

About Canadian Western Bank Group

Canadian Western Bank offers a full range of business and personal banking services across the four western provinces and is the largest publicly traded Canadian bank headquartered in Western Canada. The Bank, along with its operating affiliates, National Leasing, Canadian Western Trust, Canadian Direct Insurance, Valiant Trust, Adroit Investment Management, McLean & Partners, and Canadian Western Financial, collectively offer a diversified range of financial services across Canada and are together known as the Canadian Western Bank Group. The common shares of Canadian Western Bank are listed on the Toronto Stock Exchange under the trading symbol "CWB". The Bank's Series 3 Preferred Shares trade on the Toronto Stock Exchange under the trading symbol "CWB.PR.A". Refer to for additional information.

Contact Information

  • Canadian Western Bank
    Kirby Hill, CFA
    (780) 441-3770

    Canadian Western Bank
    Tracey Ball, FCA
    Executive Vice President & CFO
    (780) 423-8865