Canadian Western Bank (CWB) today announced that its Board of Directors has declared a quarterly cash dividend of $0.29 per common share (TSX:CWB), payable on March 26, 2020 to shareholders of record on March 12, 2020. This quarterly dividend is up two cents, or 7%, from the dividend declared one year ago and one cent, or 4% from the prior quarter. The Board of Directors also declared quarterly cash dividends for preferred shares of $0.2688125 per Series 5, $0.390625 per Series 7, and $0.375 per Series 9, all payable on April 30, 2020 to shareholders of record on April 23, 2020.
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. For the dividends declared in February 2020, common shares under the Plan will be purchased on the open market.
Any registered holder of record wishing to join the Plan can obtain an Enrolment Form from Computershare (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 February 2020 will be eligible dividends, unless otherwise indicated.