November 14, 2016 17:59 ET
EDMONTON, ALBERTA--(Marketwired - Nov. 14, 2016) - Canadian Western Bank ("CWB") (TSX:CWB) today announced its intention to redeem through CWB Capital Trust all $105 million of outstanding 6.199% Trust Capital Securities - Series 1 (the "WesTS") at par plus accrued interest. The redemption will occur on December 31, 2016, and will be financed out of CWB's general corporate funds.
The WesTS were issued on August 31, 2006, and do not qualify as non-viability contingent capital ("NVCC") under the Basel III regulatory capital requirements. Subsequent to the redemption, CWB's Total capital ratio will remain well above the regulatory minimum of 10.5% and above management's operating targets.
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 42 branches of Canadian Western Bank 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.
Canadian Western BankMatt Evans, CFASenior AVP, Strategy & Investor Relations(780) email@example.com
See all RSS Newsfeeds