EDMONTON, ALBERTA--(Marketwired - Jan. 31, 2014) -
Not for distribution to U.S. news wire services or for dissemination in the United States.
Canadian Western Bank (TSX:CWB) today announced that as a result of strong investor demand for its previously announced domestic public offering of Basel III-compliant non-cumulative 5-year rate reset First Preferred Shares Series 5, the size of the offering has been increased to 5 million shares. The gross proceeds of the offering will now be $125 million. The offering will be underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc. The expected closing date is February 10, 2014.
Net proceeds from the offering will be used for general corporate purposes and are expected to qualify as Tier 1 capital for CWB.
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 www.cwb.com for additional information.