EDMONTON, ALBERTA - Canadian Western Bank (CWB) today announced that its Board of Directors has declared a quarterly cash dividend of $0.23 per common share (TSX:CWB), payable on January 7, 2016, to shareholders of record at the close of business on December 15, 2015. This quarterly dividend represents a 5% increase over the previous quarter and is 9% higher than the quarterly dividend declared one year ago. The Board of Directors also declared a cash dividend of $0.275 per CWB Series 5 Preferred Share (TSX:CWB.PR.B) payable on January 31, 2016 to shareholders of record on January 22, 2016.
In lieu of receiving their dividends in cash, holders of CWB's common and preferred shares may choose to have their dividends reinvested in additional common shares of CWB in accordance with the Dividend Reinvestment Plan (the Plan). Under the Plan, CWB has the discretion to either purchase the additional common shares in the open market or issue them from treasury. If issued from treasury, CWB may decide to apply a discount of up to 5% to the Average Market Price (as defined in the Plan) of the additional shares. For the dividends declared in December 2015, CWB has elected to issue common shares for the Plan from treasury at the Average Market Price (as defined in the Plan).
Any registered holder of record wishing to join the Plan can obtain an Enrolment Form from Computershare, CWB’s transfer agent and registrar (1-800-564-6253), or in the Investor Relations section on CWB's website at www.cwb.com. Beneficial or non-registered holders of the Bank's common shares must contact their financial institution or broker to participate.
CWB, for the purposes of the Income Tax Act, Canada and any similar provincial legislation, advises that its dividends declared in December 2015 will be eligible dividends, unless indicated otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Matt Evans, CFA
Assistant Vice President, Investor Relations
Canadian Western Bank
Phone: (780) 969-8337
Email: [email protected]