Canadian Western Bank Issues Subordinated Debentures



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
    IN THE U.S./

    EDMONTON, March 22 /CNW/ - Canadian Western Bank (CWB on TSX) today
announced it has issued subordinated debentures in an aggregate principal
amount of $200 million, consisting of $125 million of Series A Debentures and
$75 million of Series B Debentures. The Series A Debentures have a fixed
interest rate of 5.070% until March 21, 2012. Thereafter, the rate will be
fixed quarterly at the Canadian dollar CDOR 90-day Bankers' Acceptance rate
plus 155 basis points until maturity on March 21, 2017. The Series B
Debentures have a fixed interest rate of 5.571% until March 21, 2017.
Thereafter, the rate will be fixed quarterly at the Canadian dollar CDOR
90-day Bankers' Acceptance rate plus 180 basis points until maturity on
March 21, 2022. The issue was privately placed with institutional investors.
BMO Capital Markets acted as agent for the transaction.
    "We are very pleased with the successful placement of these securities
which will increase the Bank's total regulatory capital and support our
current and future asset growth," said Larry Pollock, President and Chief
Executive Officer.
    The securities offered have not been registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.

    About Canadian Western Bank
    Canadian Western Bank offers highly personalized service through 33
branch locations and is the only publicly traded Schedule I chartered bank
headquartered in and regionally focused on Western Canada. The Bank, with
total balance sheet assets of $7.6 billion and assets under administration of
$3.6 billion, specializes in mid-market commercial lending and offers a full
range of retail services. Trust services to independent financial advisors,
corporations, income trusts and individuals are also provided through the
Bank's wholly owned subsidiaries, Canadian Western Trust Company and Valiant
Trust Company. Canadian Direct Insurance Incorporated is a wholly owned
subsidiary providing personal auto and home insurance to customers in BC and
Alberta. The common shares of Canadian Western Bank are listed on the Toronto
Stock Exchange under the trading symbol 'CWB'. For more information see the
Bank's website at www.cwbankgroup.com.





For further information:

For further information: Larry M. Pollock, President and Chief Executive
Officer, Canadian Western Bank, Phone: (780) 423-8888; Kirby Hill, CFA, Senior
Manager, Investor and Public Relations, Canadian Western Bank, Phone: (780)
441-3770, Toll-free: 1-800-836-1886, Cell: (780) 221-6288, E-mail:
kirby.hill@cwbank.com

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