CWB to redeem Series F NVCC subordinated debentures

EDMONTON, AB, May 3, 2024 /CNW/ - Canadian Western Bank (CWB) today announced its intention to redeem all outstanding $250 million 3.668% Series F Subordinated Debentures (Non-Viability Contingent Capital (NVCC)) due June 11, 2024 for 100 per cent of their principal amount plus accrued interest to, but excluding, the redemption date. The redemption will occur on June 11, 2024. Formal notice will be delivered to the Debenture holders in accordance with the terms and conditions set forth in the related trust indenture.

The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of CWB's general corporate funds. Subsequent to the redemption, CWB's Total capital ratio will remain well above the regulatory minimum of 10.5% and above management's operating targets.

CWB is the only full-service financial institution in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. We provide nation wide full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Our teams deliver a uniquely proactive and differentiated level of service to clients in targeted industries where we have deep expertise. Clients choose CWB for our highly personalized service, specialized expertise, customized solutions and faster response times. 

As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 preferred shares) and "CWB.PR.D" (Series 9 preferred shares). We are firmly committed to the responsible creation of value for all our stakeholders and our approach to sustainability will support our continued success. Learn more at www.cwb.com.

SOURCE CWB Financial Group