EDMONTON, AB, April 15, 2024 /CNW/ - Canadian Western Bank ("CWB") (TSX: CWB) today announced that after having taken into account all election notices received by the April 15, 2024 deadline for conversion of its currently outstanding 5,000,000 non-cumulative 5-year rate reset First Preferred Shares Series 5 (the "Series 5 Preferred Shares") (TSX: CWB.PR.B) into non-cumulative floating rate First Preferred Shares Series 6 of CWB (the "Series 6 Preferred Shares"), no Series 5 Preferred Shares will be converted into Series 6 Preferred Shares. There were 74,617 Series 5 Preferred Shares elected for conversion, which is less than the minimum 500,000 shares required to give effect to conversion into Series 6 Preferred Shares.

As announced by CWB on April 1, 2024, after April 30, 2024, holders of Series 5 Preferred Shares will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of CWB and subject to the provisions of the Bank Act (Canada). The dividend rate for the five-year period commencing on May 1, 2024, and ending on April 30, 2029, will be 6.371% per annum or $0.3981875 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at April 1, 2024, plus 2.76%, as determined in accordance with the terms of the Series 5 Preferred Shares. The quarterly cash dividend was previously $0.2688125 per Series 5 Preferred Share up to and including the dividend to be paid on April 30, 2024 to shareholders of record on April 23, 2024.

Subject to certain conditions described in the prospectus supplement dated February 3, 2014 relating to the issuance of the Series 5 Preferred Shares, CWB may redeem the Series 5 Preferred Shares, in whole or in part, on April 30, 2029 and on April 30 every five years thereafter.

CWB today also announced that after having taken into account all election notices received by the April 15, 2024 deadline for conversion of its currently outstanding 5,000,000 non-cumulative 5-year rate reset First Preferred Shares Series 9 (Non-Viability Contingent Capital (NVCC)) (the "Series 9 Preferred Shares") (TSX: CWB.PR.D) into non-cumulative floating rate First Preferred Shares Series 10 (Non-Viability Contingent Capital (NVCC)) of CWB (the "Series 10 Preferred Shares"), no Series 9 Preferred Shares will be converted into Series 10 Preferred Shares. There were 24,200 Series 9 Preferred Shares elected for conversion, which is less than the minimum 500,000 shares required to give effect to conversion into Series 10 Preferred Shares.

As announced by CWB on April 1, 2024, after April 30, 2024, holders of Series 9 Preferred Shares will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of CWB and subject to the provisions of the Bank Act (Canada). The dividend rate for the five-year period commencing on May 1, 2024, and ending on April 30, 2029, will be 7.651% per annum or $0.4781875 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at April 1, 2024, plus 4.04%, as determined in accordance with the terms of the Series 9 Preferred Shares. The quarterly cash dividend was previously $0.375 per Series 9 Preferred Share up to and including the dividend to be paid on April 30, 2024 to shareholders of record on April 23, 2024.

Subject to certain conditions described in the prospectus supplement dated January 22, 2019 relating to the issuance of the Series 9 Preferred Shares, CWB may redeem the Series 9 Preferred Shares, in whole or in part, on April 30, 2029 and on April 30 every five years thereafter.

The Series 5 Preferred Shares, the Series 6 Preferred Shares, the Series 9 Preferred Shares and the Series 10 Preferred Shares have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly in the United States or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States and any public offering of the securities in the United States must be made by means of a prospectus.

About CWB Financial Group
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 nationwide 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

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