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CWB announces increase to NVCC preferred share offering

EDMONTON, ALBERTA – Canadian Western Bank (“CWB”) (TSX: CWB) today announced that as a result of strong investor demand for its previously announced domestic public offering of non-cumulative 5-year rate reset First Preferred Shares Series 9 (Non-Viability Contingent Capital (NVCC)) (the “Series 9 Preferred Shares”), the underwriters have exercised their option to purchase an additional 1,000,000 Series 9 Preferred Shares. The size of the offering has been increased to 5,000,000 shares. The gross proceeds of the offering will now be $125 million. The offering will be underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc. and BMO Capital Markets. The expected closing date is on or about January 29, 2019.

Net proceeds from the offering will be added to CWB’s general funds and utilized for general banking purposes. CWB intends to file a prospectus supplement to its January 4, 2019 base shelf prospectus in all provinces and territories of Canada in respect of this issue.

The Series 9 Preferred Shares and Series 10 Preferred 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.
For Further Information Contact:

Chris Williams
AVP, Investor Relations
CWB Financial Group
Phone: 780-508-8229
Email: [email protected]