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CWB announces increase to NVCC preferred share offeringCanadian Western Bank (“CWB”) (TSX: CWB) today announced that as a result of strong investor demand for its previously announced domestic public offering of non-cumulative 5-year rate reset First Preferred Shares Series 9 (Non-Viability Contingent Capital (NVCC)) (the “Series 9 Preferred Shares”), the underwriters have exercised their option to purchase an additional 1,000,000 Series 9 Preferred Shares. The size of the offering has been increased to 5,000,000 shares.
CWB announces NVCC preferred share offeringCanadian Western Bank (“CWB”) (TSX: CWB) today announced its intent to issue $100 million non-cumulative 5-year rate reset First Preferred Shares Series 9 (Non-Viability Contingent Capital (NVCC)) (the “Series 9 Preferred Shares”). The offering will be underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc. and BMO Capital Markets. The expected closing date is on or about January 29, 2019.
CWB reports very strong financial performance for fiscal 2018 and a positive 2019 outlook"CWB’s strategic execution and financial performance in fiscal 2018 were both very strong,” said Chris Fowler, President and CEO. “Our focus is on business owners, and we delivered a return to double-digit loan growth across our broader geographic footprint with increased industry diversification. This continued the significant progress we have made over the past several years to fundamentally transform CWB’s geographic reach and expand our future growth opportunities. Alongside ongoing balanced growth and diversification of loans and funding, we have materially increased our capabilities to support full-service client relationships, made significant progress toward the upcoming transformation of our capital and risk management processes, and worked to ensure our ongoing technology investments and focused business transformation position us to meet the rapid pace of change within our industry. All of this has made CWB more resilient to regional challenges, and better equipped to create long-term value for stakeholders throughout the business cycle."
CWB declares fourth quarter dividendsCanadian Western Bank (CWB) today announced that its Board of Directors has declared a quarterly cash dividend of $0.26 per common share (TSX:CWB), payable on January 3, 2019 to shareholders of record on December 14, 2018. This quarterly dividend is consistent with the prior quarter and 8% higher than the dividend declared one year ago.