TORONTO, Dec. 8, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its intention to redeem all of its issued and outstanding Non-cumulative Class A Preferred Shares Series 27 (TSX: CM.PR.E), for cash. The redemption will occur on January 31, 2015. The redemption price is $25.00 per Series 27 share.
The $0.350000 quarterly dividend announced on December 4, 2014 will be the final dividend on the Series 27 shares and will be paid on January 28, 2015, covering the period to January 31, 2015, to shareholders of record on December 29, 2014.
Holders of the Series 27 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.
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
SOURCE: CIBC - Investor Relations
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