/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 21, 2014 /CNW/ - Equitable Group Inc. (TSX: EQB, EQB.PR.A
and EQB.PR.C) (the "Company") announced its intention to redeem all of
its issued and outstanding Non-Cumulative 5-Year Rate Reset Preferred
Shares, Series 1 (the "Series 1 Preferred Shares") for cash. The
redemption will occur on September 30, 2014 at a redemption price of
$25.00 per Series 1 Preferred Share.
In addition, the Company will pay $0.453125 of declared and unpaid
dividends per Series 1 Preferred Share. This results in a total amount
of $25.453125 per share to be paid upon surrender of Series 1 Preferred
There are 2,000,000 Series 1 Preferred Shares outstanding, representing
$50 million of capital. The redemption of the Series 1 Preferred Shares
will be financed out of the funds raised by the Company resulting from
its recent issuance of $75 million Non-Cumulative 5-Year Rate Reset
Preferred Shares, Series 3.
Holders of Series 1 Preferred Shares should contact the financial
institution, broker or other intermediary through which they hold the
shares to confirm how they will receive their redemption proceeds.
About Equitable Group Inc.
Equitable Group Inc. is a growing Canadian financial services business
that operates through its wholly-owned subsidiary, Equitable Bank.
Equitable Bank is a Schedule I Bank regulated by the Office of the
Superintendent of Financial Institutions Canada with total assets of
approximately $12 billion, with more than 300 employees and proven
capabilities in lending and deposit-taking. The Company's integrated
operations are organized according to specialty. We serve retail and
commercial customers across Canada with a range of savings solutions
and mortgage lending products. Within Equitable Bank's Core Lending
business, Single Family Lending Services funds mortgages for
owner-occupied and investment properties across Canada while Commercial
Lending Services provides mortgages on a variety of commercial
properties on a national basis. Equitable's Securitization Financing
business originates and securitizes insured residential mortgages under
the Canada Mortgage and Housing Corporation administered National
Housing Act. Measured by assets, Equitable Bank was the ninth largest
independent Schedule I Bank in Canada at March 31, 2014. For more
information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.
SOURCE: Equitable Group Inc.
For further information:
President and Chief Executive Officer
Vice-President and Chief Financial Officer