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CWB reports solid financial performance for fiscal 2019
“Fiscal 2019 was another strong year of operating performance and execution of our transformational strategy. We generated solid loan growth with further geographic and industry diversification, including strong 11% growth in Ontario and very strong 15% overall growth in the strategically targeted general commercial category,” said Chris Fowler, President and CEO. “We delivered a new record for branch-raised deposit growth of $1.5 billion with a 12% increase, including 14% growth in the demand and notice category. With solid profitable growth and very strong capital ratios, we also rewarded shareholders with an 8% increase to the common share dividend compared to 2018. Consistent strategic execution reflects the tremendous strength of our teams across the business, and we are committed to continue to create value for our people. We were pleased to be recognized this year as a Great Place to Work CanadaTM, and one of the Best WorkplacesTM in Alberta.”
CWB declares fourth quarter fiscal 2019 dividends
Canadian Western Bank (CWB) today announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per common share (TSX:CWB), payable on January 7, 2020 to shareholders of record on December 17, 2019. This quarterly dividend is up two cents, or 8%, from the dividend declared one year ago and consistent with the prior quarter. The Board of Directors also declared quarterly cash dividends for preferred shares of $0.2688125 per Series 5, $0.390625 per Series 7, and $0.375 per Series 9, all payable on January 31, 2020 to shareholders of record on January 24, 2020.
CWB Financial Group partners with Temenos to deliver personalized, world-class digital experience for business owners
CWB Financial Group (TSX:CWB) takes another step forward as a disruptive force in Canadian financial services today with the selection of Temenos (SIX:TEMN), the leader in banking software, to deliver a seamless end-to-end digital banking experience for small- to medium-sized business owners.
CWB recognized on the 2019 List of Best Workplaces™ in Alberta
CWB Financial Group is proud to announce that our organization is on the 2019 list of Best Workplaces in Alberta.
CWB to redeem $250 million non-NVCC subordinated debentures
Canadian Western Bank (“CWB”) today announced its intention to redeem all $250 million of outstanding 3.463% Series E subordinated debentures (the “Debentures”) on November 18, 2019 (the “Redemption Date”). The Debentures will be redeemed at the Canada Yield Price (as defined in the related trust indenture) of $1,000.99 for each $1,000 principal amount of Debentures, plus accrued interest to, but excluding, the Redemption Date, which corresponds to an aggregate amount of $253,900,253. Formal notice will be delivered to the Debenture holders in accordance with the terms and conditions set forth in the related trust indenture.
The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be paid using CWB’s general corporate funds. The Debentures do not qualify as non-viability contingent capital (“NVCC”) under the Basel III regulatory capital requirements, and the redemption is part of CWB's ongoing management of its Tier 2 capital.