EDMONTON, ALBERTA--(Marketwired - March 24, 2014) - Canadian Western Bank (TSX:CWB) today reconfirmed its intention to redeem all of its issued and outstanding non-cumulative 5-Year rate reset First Preferred Shares Series 3 (the "Series 3 Preferred Shares") on April 30, 2014 (the "Redemption Date").
Pursuant to its option under the share provisions, CWB will redeem the Series 3 Preferred Shares on the Redemption Date at a price of $25.00 per share together with all declared and unpaid dividends. The declared dividends payable on April 30, 2014 will be paid to shareholders of record on April 23, 2014.
The redemption of the Series 3 Preferred Shares has been approved by the Office of the Superintendent of Financial Institutions and required notice in accordance with the share provisions has been issued to shareholders.
CWB recommends shareholders consult with their tax advisors to determine the appropriate treatment for and impact of the redemptions.
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. CWB, along with its operating affiliates, National Leasing, Canadian Western Trust, Valiant Trust, Canadian Direct Insurance, Canadian Western Financial, Adroit Investment Management, and McLean & Partners Wealth Management, collectively offer a diversified range of financial services across Canada and are together known as the CWB Group. The common shares of Canadian Western Bank are listed on the Toronto Stock Exchange under the trading symbol "CWB". CWB's Series 3 and Series 5 preferred shares trade on the Toronto Stock Exchange under the trading symbols "CWB.PR.A" and "CWB.PR.B", respectively. Refer to www.cwb.com for additional information.