EDMONTON, Feb. 27, 2013 /CNW/ - Canadian Western Bank (the "Bank") today
announced the Toronto Stock Exchange (TSX) and the Office of the
Superintendent of Financial Institutions Canada (OSFI) have approved the
Bank's normal course issuer bid (NCIB) to purchase, for cancelation, up to
826,120 Non-Cumulative 5-Year Rate Reset Preferred Shares Series 3 ("preferred
shares"). The number of preferred shares to be purchased under the NCIB
represents approximately 10% of the 8,390,000 preferred shares issued and
outstanding as at February 27, 2013.
Purchases under the NCIB may begin on March 1, 2013 and will end no later than
February 28, 2014. The price paid for any preferred shares purchased will be
the market price of such shares on the TSX at the time of acquisition.
Purchases will be effected through the facilities of the TSX and all preferred
shares purchased pursuant to the NCIB will be canceled. Apart from block
purchase exceptions, the maximum number of preferred shares that may purchased
per trading day is 1,538, an amount equal to 25% of the average daily trading
volume of the preferred shares on the TSX for the six month period ended
January 31, 2013.
Management believes the purchase of preferred shares below a certain price
threshold represents an appropriate use of available funds and is also
consistent with strategies to enhance shareholder value while ensuring the
Bank maintains its solid regulatory capital position.
About Canadian Western Bank Group
Canadian Western Bank offers highly personalized service through 41 branch
locations and is the largest publicly traded Canadian bank headquartered in
Western Canada. The Bank specializes in mid-market commercial lending and
offers a full complement of personal banking services. The Bank, along with
its operating affiliates, National Leasing Group Inc., Canadian Western Trust
Company, Valiant Trust Company, Canadian Direct Insurance Incorporated, Adroit
Investment Management Ltd. and Canadian Western Financial Ltd., collectively
offer a diversified range of financial services across Canada and are together
known as Canadian Western Bank Group. The common shares of Canadian Western
Bank are listed on the Toronto Stock Exchange under the trading symbol "CWB".
The Bank's Series 3 Preferred Shares trade on the Toronto Stock Exchange under
the trading symbol "CWB.PR.A". Refer to www.cwbankgroup.com for additional
Kirby Hill, CFA Director, Strategy & Communications Canadian Western Bank
Phone: (780) 441-3770 E-mail:email@example.com
Tracey Ball, FCA Executive Vice President & CFO Canadian Western Bank Phone:
SOURCE: Canadian Western Bank
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CO: Canadian Western Bank
-0- Feb/27/2013 19:33 GMT
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