Canadian Western Bank (CWB) Announces Increased Quarterly Dividend
Canadian Western Bank (CWB) made a significant announcement today, declaring a boost in its quarterly cash dividend. The Board of Directors has approved a dividend of $0.36 per common share, payable on January 2, 2025, to shareholders of record on December 18, 2024. This represents a one-cent increase (3%) compared to the previous quarter and a more substantial two-cent increase (6%) year-over-year. This upward trend reflects CWB’s strong financial performance and commitment to shareholder returns.
Beyond the common shares, CWB also announced increased quarterly cash dividends for its preferred shares. Series 5 preferred shareholders will receive $0.3981875 per share, while Series 9 preferred shareholders will receive $0.4781875 per share. These dividends are payable on January 31, 2025, to shareholders of record on January 24, 2025. The consistent growth in dividend payouts underlines CWB’s dedication to rewarding its investors.
Dividend Reinvestment Plan (DRIP) Option:
For those seeking to further enhance their investment in CWB, a Dividend Reinvestment Plan (DRIP) is available. Shareholders can opt to reinvest their dividends in additional common shares instead of receiving cash payments. CWB has the flexibility to either purchase these additional shares on the open market or issue them from treasury. Importantly, for the December 2024 dividends, CWB has chosen to issue shares from treasury at the Average Market Price (as defined within the Plan’s terms).
To participate in the DRIP, registered holders can obtain an Enrolment Form from Computershare at 1-800-564-6253 or through the Investor Relations section of CWB’s website: www.cwb.com. Beneficial or non-registered shareholders should contact their respective financial institutions or brokers for enrollment details.
Tax Implications:
For clarity, CWB advises that the dividends declared in December 2024 will qualify as eligible dividends under the Income Tax Act (Canada) and comparable provincial legislation, unless stated otherwise. This is crucial information for shareholders when preparing their tax returns.
About Canadian Western Bank (CWB):
Canadian Western Bank stands out as the only full-service financial institution in Canada strategically focused on meeting the diverse financial needs of businesses and their owners. They provide a comprehensive suite of financial services across the country, encompassing business and personal banking, specialized financing, wealth management, and trust services. CWB distinguishes itself through proactive, personalized service and specialized expertise tailored to specific industries. Their commitment to faster response times and customized solutions solidifies their position as a client-centric financial institution. As a public company listed 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). CWB is dedicated to creating value responsibly for all stakeholders and employs a sustainability-focused approach to ensure its ongoing success. Learn more at www.cwb.com.
This announcement underscores CWB’s financial strength and its commitment to delivering value to its shareholders through consistent dividend growth and a flexible investment plan.
