CWB Announces Increase to Previously Announced Bought Deal Offering to a $150 Million Offering of Common Shares

Capital to support ongoing strong growth

EDMONTON, June 17, 2016 - Canadian Western Bank (TSX:CWB) ("CWB") announced today that, due to strong demand, CWB has increased the size of its previously announced public offering to $150 million. CWB has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and National Bank Financial Inc., (collectively, the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, an aggregate of 6,125,000 common shares (the "Shares") from CWB at a price of $24.50 per Share, for gross proceeds of approximately $150 million (the "Offering").

The net proceeds of the Offering will be added to CWB's capital base and will be used for general corporate purposes.

CWB's Common Equity Tier 1 ratio was 8.2% as of April 30, 2016. CWB estimates that its Common Equity Tier 1 ratio would be approximately 8.9% as at April 30, 2016 after giving effect to the Offering. The CWB Franchise Finance portfolio purchase is expected to reduce CWB's Common Equity Tier 1 ratio by approximately 15 basis points when it closes in the third quarter.

CWB intends to file a short form prospectus in respect of the Offering with the applicable securities regulatory authorities in all provinces and territories of Canada. Details of the Offering will be set out in the short form prospectus which will be available on SEDAR at www.sedar.com. The Offering is expected to close on or about July 7, 2016 and is subject to CWB receiving all necessary regulatory approvals.

The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act and applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities in the United States.

Caution Regarding Forward-Looking Statements
Certain information contained herein constitutes forward-looking information under applicable securities laws. Forward-looking statements in this news release include, but are not limited to, statements with respect to the timing of completion and size of the Offering of the Shares and the use of proceeds of the Offering. These statements are based on current expectations and are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of CWB. These risks include, but are not limited to, the failure or delay in satisfying any of the conditions to the completion of the Offering. Except as required by law, CWB does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.

For Further Information Contact:

Matt Evans, CFA

AVP, Investor Relations
Canadian Western Bank
Phone: (780) 969-8337
Email: [email protected]