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CWB announces conversion privilege of preferred sharesCanadian Western Bank (“CWB”) (TSX: CWB) today announced that it does not intend to exercise its right to redeem all or any 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) on April 30, 2019.
CWB declares dividendsCanadian Western Bank (CWB) today announced that its Board of Directors has declared a quarterly cash dividend of $0.27 per common share (TSX:CWB), payable on March 29, 2019 to shareholders of record on March 15, 2019. This quarterly dividend is up two cents, or 8%, from the dividend declared one year ago and one cent, or 4%, from the previous quarter. The Board of Directors also declared a cash dividend of $0.275 per Series 5 Preferred Share, a cash dividend of $0.390625 per Series 7 Preferred Share, and an initial cash dividend of $0.3832 per Series 9 Preferred Share all payable on April 30, 2019 to shareholders of record on April 23, 2019.
CWB reports first quarter financial performanceCanadian Western Bank (TSX: CWB) (CWB) today announced strong operating performance with common shareholders’ net income of $66 million and pre-tax, pre-provision income of $118 million, up 7% and 10%, respectively, from the first quarter last year. Total revenue of $212 million was up 10% from last year, including a 13% increase in net interest income, partially offset by 13% lower non-interest income. Net interest income growth reflects the benefits of 13% growth in average loans and a nine basis point increase in net interest margin to 2.61%.
McLean and Partners is now CWB McLean and PartnersMcLean & Partners Wealth Management, a subsidiary of CWB Financial Group (CWB), today announced a name and logo change to align its identity with the organization’s other brands. Effective today, McLean & Partners Wealth Management Ltd. is now CWB McLean & Partners Wealth Management Ltd. (CWB McLean & Partners).