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Canadian Western Bank to issue subordinated debentures

EDMONTON, November 24, 2010 – Canadian Western Bank (TSX: CWB) (“CWB” or the “Bank”) today announced its intent to issue $300 million of subordinated debentures (the “Debentures”) via a private placement to accredited investors. The issue was placed though a syndicate of dealers with RBC Capital Markets and National Bank Financial acting as co-lead agents.

The Debentures will bear interest at a fixed rate of 4.389% per annum, payable in equal semi-annual payments in arrears on November 30 and May 30 of each year, commencing May 30, 2011 until November 30, 2015. Thereafter, floating to maturity at 3-month CDOR plus 1.93%, payable quarterly.

The Debentures will be redeemable by the Bank at any time on or after November 30, 2015, with the prior written consent of the Superintendent of Financial Institutions Canada, on not less than 30 nor more than 60 days prior notice, at a redemption price which is equal to par, plus accrued and unpaid interest.

The issue is scheduled to close on November 30, 2010. The Debentures are expected to add to CWB’s already strong regulatory capital position. The main purpose of the issue is to support current and future asset growth. Proceeds of the issue will be added to the Bank's general funds.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.