Canadian Western Bank closes preferred share offering

On March 31, 2016, Canadian Western Bank (CWB) announced that it closed its domestic public offering of non-cumulative 5-year rate reset First Preferred Shares Series 7 (Non-Viability Contingent Capital (NVCC)) (the Series 7 Preferred Shares). CWB issued 5,600,000 Series 7 Preferred Shares at a price of C$25 per share to raise gross proceeds of C$140 million.

The offering was underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc.

Net proceeds from the offering will be added to CWB's capital base and used for general corporate purposes.

CWB Group is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Canadian Direct Financial (CDF).

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