Canadian Western Bank

The Canadian Western Bank is a banking institution with a focus on Western Canada, being the largest publicly traded bank in the region. The bank offers business and personal banking services, as well as investment opportunities. The common shares of the bank are traded on the Toronto Stock Exchange under the ticker CWB and sold through a registered stock broker. Dividends are reviewed on a quarterly basis and sent for approval to the Board of Directors.

In terms of personal banking services, the bank offers a number of financial products among which mortgages and loans, mutual funds, personal accounts, in-touch telephone banking, and more. There is a great variety of personal accounts one can choose from. The Gold Leaf Plus Package, for example, is a special type of value-added account for customers aged 57 and over. Among the many benefits that come with this account are unlimited chequing, personal line of credit, daily interest on the account balance, etc. Interest can be paid monthly on GIGs. Another option is opening a personal chequing account. It comes with monthly electronic statements, in-touch telephone banking, ATM access, and more. Personalized cheques are available, but additional cost applies.

The Canadian Western Bank also offers Credit Cards as a part of its personal banking services. Three products are available: Platinum Plus MasterCard, Platinum Plus Travel Rewards card, and Platinum Plus WorldPoints card. With the last credit card, clients collect points on all items charged to the card, and they can be redeemed for gift certificates, merchandise, travel, and more. The card goes with a promotional rate of just 1.9 percent on balance transfers, a standard rate of 12.99 percent on purchases, and 14.99 percent on cash advances and balance transfers.

The bank’s portfolio of loan products includes Lines of Credit, Loans, Mortgages, Personal and Business accounts. HOMEWORKS is a financial product that turns one’s home equity into a tool which can be used to spend, save, grow investments, and pay off debt. Mortgages come in two types: high ratio insured mortgages and conventional mortgages. The terms vary from six months to five years. Clients have the option to prepay up to 20 percent every year and can choose between fixed and variable interest rates. Lines of credit go with pre-approved overdraft protection and optional life insurance.

Business owners can choose from a variety of business-oriented financial services. The bank specializes in energy and commercial lending, equipment financing and leasing, as well as construction and commercial real estate financing. Commercial lending is a suitable option for businesses that need financing in the range of $200,000 and $50 million. The bank helps with construction loans, operating loans, and term loans, and guarantee and letters of credit. Real estate lending is another option for mid-sized and small businesses with financial requirements in the range of $500,000 and $50 million. Borrowers are typically investors, developers, and user-owners. The bank extends term and owner-user construction financing and land development loans. Financing for multi-tenant and single commercial, residential, and industrial construction is available as well.

Mezzanine lending is also offered for qualifying projects. Finally, energy lending is intended for junior gas and oil companies in need of financial assistance with merger and acquisition activities, capital expenditures, and day-to-day operations. Loans vary in size and can be between $500,000 and $50 million. The bank’s services include letters of credit and letters of guarantee, borrowing base loans, revolving operating loans, and others.

The Canadian Western Bank is a registered member of the Canada Deposit Insurance Corporation and is a member of the Canadian Bankers Association.