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    CWB   CA13677F1018


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Canadian Western Bank : CWB establishes an at-the-market equity program to support higher levels of accretive loan growth

05/31/2021 | 10:40pm EDT


EDMONTON, AB, May 31, 2021 /CNW/ - Canadian Western Bank ("CWB") (TSX: CWB) today announced that it has established an at-the-market equity program (the "ATM Program") that allows CWB to issue up to $150 million worth of common shares from treasury ("Common Shares") to the public from time to time at the prevailing market price through the Toronto Stock Exchange or any other marketplace on which the Common Shares are listed, quoted or otherwise traded. The volume and timing of distributions under the ATM Program, if any, will be determined at CWB's sole discretion.

"Our strategic investments in our capabilities, product offering, and brand are creating growth opportunities for CWB. We are seeing signals of a strong economic recovery that could provide opportunities within our risk appetite to grow loans in excess of our current expectations and deliver accretive returns to shareholders. To provide the capital flexibility to take full advantage should these potential opportunities arise, we have established an at-the-market common equity distribution program. This program will provide a flexible tool to grow our regulatory capital base if needed, and only for the amount needed, to support stronger levels of loan growth as it occurs. Using the ATM Program in this manner will drive accretive returns to our shareholders." stated Chris Fowler, President and CEO.

The ATM Program will be effective until November 9, 2022, unless terminated prior to such date in accordance with its terms. The net proceeds to CWB from the ATM Program, if any, will qualify as Common Equity Tier 1 capital for CWB. Sales of Common Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated May 31, 2021 with National Bank Financial Inc. and BMO Nesbitt Burns Inc., as agents.

CWB has filed a prospectus supplement dated May 31, 2021, to CWB's base shelf prospectus dated October 9, 2020, with the securities regulatory authorities in each of the provinces and territories of Canada for the ATM Program. You may get these documents and the equity distribution agreement for free by visiting SEDAR at www.sedar.com. Alternatively, any agent participating in the ATM Program will arrange to send you the prospectus supplement, the base shelf prospectus and the equity distribution agreement if you request it by contacting, (i) National Bank Financial Inc., attn: Gavin Brancato, by email at gavin.brancato@nbc.ca or by phone at (416) 869-7568 or BMO Nesbitt Burns Inc., attn: James Ehrensperger, by email at james.ehrensperger@bmo.com or by phone at (416) 359-4351.

The Common 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 (as defined in Regulation S under the Securities Act) absent registration under the Securities Act 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 or in any other jurisdiction where such offer or solicitation would be unlawful.

About CWB Financial Group

CWB is a diversified financial services organization known for a highly proactive client experience serving businesses and individuals across Canada. CWB's key business lines include full-service business and personal banking offered through branch locations of Canadian Western Bank and Internet banking services provided by Motive Financial. Highly responsive nation-wide specialized financing is delivered under the banners of CWB Optimum Mortgage, CWB Equipment Financing, CWB National Leasing, CWB Maxium Financial and CWB Franchise Finance. Trust services are offered through CWB Trust Services. Comprehensive wealth management services are provided through CWB Wealth Management and its affiliate brands, including T.E. Wealth, Leon Frazer & Associates, CWB McLean & Partners, and Canadian Western Financial. 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), "CWB.PR.C" (Series 7 Preferred Shares) and "CWB.PR.D" (Series 9 Preferred Shares). Learn more at www.cwb.com.

Caution Regarding Forward-Looking Statements

Certain information contained herein constitutes forward-looking information under applicable securities laws. Forward-looking statements in this news release include, but are not limited to, statements with respect to the aggregate value of Common Shares which may be issued pursuant to the ATM Program, CWB's expected use of the net proceeds of the ATM Program, if any, and the anticipated benefits of the ATM Program. These statements are based on current expectations and are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of CWB. These risks include, but are not limited to, the price at which Common Shares are sold in the ATM Program, the aggregate net proceeds received by CWB as a result of the ATM Program and other risks described in the "Risk Management" section of CWB's management's discussion and analysis contained in CWB's most recent annual report to shareholders. Except as required by law, CWB does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.

SOURCE Canadian Western Bank

© Canada Newswire, source Canada Newswire English

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Sales 2021 1 012 M 809 M 809 M
Net income 2021 296 M 236 M 236 M
Net Debt 2021 - - -
P/E ratio 2021 10,2x
Yield 2021 3,41%
Capitalization 2 965 M 2 373 M 2 371 M
Capi. / Sales 2021 2,93x
Capi. / Sales 2022 2,75x
Nbr of Employees 2 516
Free-Float 97,4%
Duration : Period :
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Technical analysis trends CANADIAN WESTERN BANK
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 34,01 CAD
Average target price 40,12 CAD
Spread / Average Target 18,0%
EPS Revisions
Managers and Directors
Christopher H. Fowler President, CEO & Non-Independent Director
R. Matthew Rudd Chief Financial Officer & Executive Vice President
Robert Lawrence Phillips Chairman
Darrell Robert Jones Chief Information Officer & Executive VP
Vladimir Ahmad Senior Vice President-Operations & Transformation
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