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CWB to redeem $250 million non-NVCC subordinated debentures
Canadian Western Bank (“CWB”) today announced its intention to redeem all $250 million of outstanding 3.463% Series E subordinated debentures (the “Debentures”) on November 18, 2019 (the “Redemption Date”). The Debentures will be redeemed at the Canada Yield Price (as defined in the related trust indenture) of $1,000.99 for each $1,000 principal amount of Debentures, plus accrued interest to, but excluding, the Redemption Date, which corresponds to an aggregate amount of $253,900,253. Formal notice will be delivered to the Debenture holders in accordance with the terms and conditions set forth in the related trust indenture.
The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be paid using CWB’s general corporate funds. The Debentures do not qualify as non-viability contingent capital (“NVCC”) under the Basel III regulatory capital requirements, and the redemption is part of CWB's ongoing management of its Tier 2 capital.
CWB announces TSX approval for normal course issuer bid
Canadian Western Bank (TSX: CWB) announced today that a normal course issuer bid authorized by its Board of Directors to purchase for cancellation during the next 12 months up to 1,740,000 common shares, representing approximately 2% of the issued and outstanding common shares, has been approved by the Toronto Stock Exchange, commencing October 1, 2019.
CWB Financial Group furthers commitment to women’s empowerment
CWB Financial Group has signed the UN Women's Empowerment Principles (WEPs), a joint initiative of UN Women and the UN Global Compact (UNGC), further demonstrating the Group’s commitment to gender equality and women’s empowerment.
CWB reports strong third quarter financial performance and common share dividend increase
CWB Financial Group (TSX: CWB) (CWB) today announced strong third quarter financial performance with common shareholders’ net income of $71 million and pre-tax, pre-provision income of $117 million, up 14% and 6%, respectively, from the third quarter last year.
CWB declares dividends
Canadian Western Bank (CWB) today announced that its Board of Directors has declared a quarterly cash dividend of $0.28 per common share (TSX:CWB), payable on September 27, 2019 to shareholders of record on September 13, 2019. This quarterly dividend is up two cents, or 8%, 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 October 31, 2019 to shareholders of record on October 24, 2019.