EDMONTON, ALBERTA--(Marketwired - Sept. 1, 2016) - Canadian Western Bank (CWB) today announced that its Board of Directors has declared a quarterly cash dividend of $0.23 per common share (TSX:CWB), payable on September 29, 2016 to shareholders of record on September 15, 2016. This quarterly dividend is consistent with the prior quarter and up 5% from the dividend declared one year ago. The Board of Directors also declared a cash dividend of $0.275 per CWB Series 5 Preferred Share (TSX:CWB.PR.B), and a cash dividend of $0.390625 per CWB Series 7 Preferred Share (TSX:CWB.PR.C), payable on October 31, 2016 to shareholders of record on October 20, 2016.
In lieu of receiving their dividends in cash, holders of CWB's common and preferred shares may choose to have their dividends reinvested in additional common shares of CWB in accordance with the Dividend Reinvestment Plan (the Plan). Under the Plan, CWB has the discretion to either purchase the additional common shares in the open market or issue them from treasury. For the dividends declared in August 2016, CWB has elected to issue common shares for the Plan from treasury at the Average Market Price (as defined in the Plan).
Any registered holder of record wishing to join the Plan can obtain an Enrolment Form from Computershare (1-800-564-6253) or in the Investor Relations section on CWB's website at www.cwb.com. Beneficial or non-registered holders of the Bank's common shares must contact their financial institution or broker to participate.
CWB, for the purposes of the Income Tax Act, Canada and any similar provincial legislation, advises that its dividends declared in August 2016 will be eligible dividends, unless indicated otherwise.
About CWB Group
CWB Group (CWB) is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 41 CWB branches and Internet banking services provided by Canadian Direct Financial (CDF). Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, National Leasing, CWB Maxium Financial, CWB Franchise Finance and CWB Optimum Mortgage. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of Adroit Investment Management, McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 Preferred Shares) and "CWB.PR.C" (Series 7 Preferred Shares). Learn more at www.cwb.com.