EDMONTON, 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.
For Further Information Contact:
Kirby Hill, CFA
Vice President, Strategy & Communications
Canadian Western Bank
Phone: (780) 441-3770
Email: [email protected]
Tracey Ball, FCA
Executive Vice President & CFO
Canadian Western Bank
Phone: (780) 423-8865