Canadian Western Bank introduces dividend reinvestment plan

    EDMONTON, Aug. 13 /CNW/ - Canadian Western Bank (TSX: CWB) (CWB or the
"Bank") today announced the introduction of a Dividend Reinvestment Plan (the
"Plan"). The Plan will enable eligible holders of both the Bank's common
shares and Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 3, to
have their regular quarterly cash dividends automatically reinvested in
additional common shares of the Bank. No commissions, service charges or
brokerage fees will be payable by Plan participants in connection with shares
purchased under the Plan.
    Valiant Trust Company has been appointed as the Plan Agent and will act
on behalf of Plan participants to invest eligible dividends. Under the Plan,
the Bank determines whether the additional common shares are issued by the
Bank from treasury or purchased in the open market. Additional common shares
issued from treasury will be issued at the Average Market Price, being the
average of the closing prices of a board lot of CWB's common shares on the
Toronto Stock Exchange for the five trading days immediately preceding the
dividend payment date. The Bank also has the option of issuing such common
shares at a discount. At this time, the Bank has elected to issue common
shares from treasury, at a 2% discount from the Average Market Price until
such time as the Bank elects otherwise. Should the Bank elect to have the Plan
Agent purchase common shares on the open market, shares will be purchased at
the Average Purchase Price, which is the average of the actual cost (excluding
transaction costs) incurred by the Plan Agent to purchase such shares.
    "We are very pleased to offer both our common and preferred shareholders
this option to have their cash dividends directly reinvested in CWB common
shares," said Tracey Ball, CWB's Executive Vice President and Chief Financial
Officer. "The terms of this Plan compare well with those offered by many of
our peers in the Canadian financial services industry. We believe it will be
well received, particularly by our loyal retail shareholders who have
frequently requested such a program."
    The full text of the Plan and an Authorization Form is now available at and on the
website of the Plan Agent, Valiant Trust Company, at Alternatively,
shareholders can phone, write or e-mail the Plan Agent. Registered
shareholders wishing to participate in the Plan must read and complete an
Authorization Form and deliver it to the Plan Agent at the following address:

         Valiant Trust Company
         600 -750 Cambie Street
         Vancouver, BC V6B 0A2
         Attention: Investor Relations
         P: 1-866-313-1872

    Beneficial shareholders who hold their shares through a nominee, such as
a broker or investment dealer, should inquire about enrolment through their
    Before participating, all shareholders are advised to read the complete
text of the Plan and to consult their financial advisors regarding potential
investment risks and tax implications. At present, only Canadian residents may
participate in the Plan. CWB designates all dividends for both common and
preferred shares paid to Canadian residents as "eligible dividends", as
defined in the Income Tax Act (Canada), unless otherwise noted.

    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 $11 billion, assets under administration of over $4 billion and
assets under management approaching $1 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 that offers 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'. The Bank's
Series 3 preferred shares and common share purchase warrants trade on the
Toronto Stock Exchange under the trading symbols 'CWB.PR.A' and 'CWB.WT'
respectively. Refer to for additional information.

For further information:

For further information: Valiant Trust Company, 600 - 750 Cambie Street,
 Vancouver, BC, V6B 0A2, Attention: Investor Relations, P: 1-866-313-1872, E:,; OR Canadian Western Bank -
Investor Relations, Suite 3000, 10303 Jasper Avenue, Edmonton, AB, T5J 3X6, P:
1-800-836-1886, E:,

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