Canadian Western Bank to redeem five-year rate-reset first preferreds

By Susanna Moon

Chicago, March 24 - Canadian Western Bank said it still plans to redeem all of its issued and outstanding noncumulative five-year rate-reset first preferred shares, series 3, on April 30.

The bank will redeem the series 3 preferreds at par of C$25 plus declared dividends, according to a company press release.

The declared dividends payable on April 30 will be paid to shareholders of record on April 23.

As previously reported, the bank said in November that it would like to redeem its outstanding preferreds but would need to amend a bylaw first in order to issue new preferreds.

The banking services company is based in Edmonton, Alta.

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