EDMONTON, March 6, 2013 /CNW/ - Canadian Western Bank (CWB or "the Bank")
today announced its decision not to proceed with the proposed amendment to
"By-law Three", as described in its management proxy circular distributed to
common and preferred shareholders in January 2013. The resolution proposed to
increase the authorized First Preferred shares outstanding at any time to $2
The decision not to proceed reflects the Bank's view that the intent and
benefits of the resolution to shareholders were not clearly explained by CWB.
This includes the fact that any preferred shares issued under the Basel III
regulatory capital framework for federally regulated financial institutions
are required to be converted to common shares upon any circumstance of
non-viability. The Basel III framework became effective for Canadian banks on
January 1, 2013.
Based on the foregoing, the resolution will not be presented for approval at
the annual and special meeting of common shareholders to be held on March 7,
2013. Accordingly, no proxies received from common shareholders will be voted
in respect of this resolution. As this resolution was the only matter to be
presented at the concurrent special meeting of First Preferred shareholders
(the "Preferred Shareholder Meeting"), this meeting has been cancelled. The
annual and special meeting of common shareholders will proceed as scheduled.
The Bank will better explain and put forth the amendment to "By-law Three" at
a future date.
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- Mar/07/2013 02:39 GMT
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