CWB announces normal course issuer bid for preferred shares
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 information.
SOURCE: Canadian Western BankFor further information:
Kirby Hill, CFA
Director, Strategy & Communications
Canadian Western Bank
Phone: (780) 441-3770
Tracey Ball, FCA
Executive Vice President & CFO
Canadian Western Bank
Phone: (780) 423-8865