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CWB confirms upcoming redemption of NVCC Series 7 Preferred Shares
Canadian Western Bank (“CWB”) (TSX: CWB) today confirmed that it will redeem all of its outstanding 5,600,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 7 (Non-Viability Contingent Capital (NVCC)) (the “Series 7 Preferred Shares”) for cash on July 31, 2021. The Series 7 Preferred Shares (TSX: CWB.PR.C) are redeemable at CWB’s option on July 31, 2021 at a redemption price per Series 7 Preferred Share equal to $25.00 for an aggregate total of $140 million. Formal notice will be delivered to holders of Series 7 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 7 Preferred Shares.
CWB establishes an at-the-market equity program to support higher levels of accretive loan growth
Canadian Western Bank (“CWB”) (TSX: CWB) today announced that it has established an at-the-market equity program (the “ATM Program”) that allows CWB to issue up to $150 million worth of common shares from treasury (“Common Shares”) to the public from time to time at the prevailing market price through the Toronto Stock Exchange or any other marketplace on which the Common Shares are listed, quoted or otherwise traded. The volume and timing of distributions under the ATM Program, if any, will be determined at CWB’s sole discretion.
CWB reports second quarter 2021 financial and strategic performance
CWB Financial Group (TSX: CWB) (CWB) today announced financial performance for the three and six month periods ended April 30, 2021, with second quarter net income available to common shareholders of $72 million, up 40% compared to the same period last year. Second quarter pre-tax, pre-provision income was up 11% from the same period last year and down 3% sequentially, with three fewer interest-earning days compared to the prior quarter.
CWB declares dividends in May 2021
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 June 24, 2021 to shareholders of record on June 10, 2021. This quarterly dividend is consistent with the dividends declared one year ago and last 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 July 31, 2021 to shareholders of record on July 23, 2021.
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