Canadian Western Bank closes previously announced offerings of $200 million preferred share units

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    THE U.S./EDMONTON, March 2 /CNW/ - Canadian Western Bank (TSX: CWB)(the "Bank")
today announced that it has closed the previously announced private and public
offerings of 8.0 million Preferred Units for gross proceeds of $200 million.
The private placement consisted of 5.4 million Preferred Units for gross
proceeds of $135 million to three institutional purchasers, The bought deal
public offering consisted of 2.6 million Preferred Units ("Public Offering
Preferred Units") for gross proceeds of $65 million. Genuity Capital Markets
acted as agent and lead underwriter, respectively, on the transactions.
Preferred Units consist of one Non-Cumulative 5-Year Rate Reset Preferred
Share, Series 3 (the "Series 3 Preferred Shares") in the capital of the Bank
and a certain number of common share purchase warrants (each whole warrant a
"Warrant"). Each whole Warrant is exercisable at a price of $14.00 to purchase
one common share in the capital of the Bank for five years.
    The Bank has granted the underwriters an option to purchase, on the same
terms, up to an additional 390,000 Public Offering Preferred Units. This
option is exercisable in whole or in part by the underwriters at any time
within the next 30 days. The maximum gross proceeds raised under the public
offering would be $74.75 million should this option be exercised in full.
    Both the Series 3 Preferred Shares and the Warrants will commence trading
separately today on the Toronto Stock Exchange with the trading symbols
'CWB.PR.A' and 'CWB.WT', respectively.About Canadian Western Bank
    ---------------------------Canadian Western Bank offers highly personalized service through 36
branch locations and is the largest publicly traded Schedule I chartered bank
headquartered in Western Canada. The Bank, with total balance sheet assets of
more than $10.5 billion, assets under administration of over $4.0 billion and
assets under management approaching $1.0 billion, specializes in mid-market
commercial lending and offers a full range of retail banking services. Trust
services to independent financial advisors, corporations, income trusts and
individuals are provided through the Bank's subsidiaries, Canadian Western
Trust Company and Valiant Trust Company. Canadian Direct Insurance
Incorporated is a subsidiary providing personal auto and home insurance to
customers in BC and Alberta. Subsidiary Adroit Investment Management Ltd.
provides wealth management services to individuals, corporations and
institutional clients. The common shares of Canadian Western Bank are listed
on the Toronto Stock Exchange under the trading symbol 'CWB'. Refer to
www.cwbankgroup.com for additional information.

For further information: Tracey C. Ball, FCA, Executive Vice President
and CFO, Canadian Western Bank, Phone: [phone]; Kirby Hill, CFA,
Assistant Vice President, Investor and Public Relations, Canadian Western
Bank, Phone: [phone], E-mail: [e-mail]