Canadian Western Bank announces closing of over-allotment option on preferred share units

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE U.S./

    EDMONTON, March 12 /CNW/ - Canadian Western Bank (TSX: CWB)(the "Bank")
today announced that it had closed the issuance of an additional 390,000
Preferred Units as a result of the underwriters exercising their full
over-allotment option under the recently announced Preferred Unit public
offering. Each Preferred Unit consists of one non-cumulative 5-year rate reset
preferred share, series 3 and 1.78 common share purchase warrants. Each whole
warrant entitles the holder to purchase one common share of the Bank for a 5
year period at a price of $14.00 per share. The Preferred Units were sold at
$25 per unit on the same terms as the public offering.
    The gross proceeds from the exercise of the over-allotment were
$9,750,000. Total gross proceeds from the private offering of Preferred Units,
the public offering of Preferred Units and the exercise of the over-allotment
option were $209,750,000.
    The common share purchase warrants and the preferred shares, series 3
have not been, and will not be, registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements.
This news release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of the securities in any State in
which such offer, solicitation or sale would be unlawful.

    About Canadian Western Bank
    ---------------------------

    Canadian Western Bank offers highly personalized service through 36
branch locations and is the largest publicly traded Schedule I chartered bank
headquartered in Western Canada. The Bank, with total balance sheet assets of
almost $11 billion, assets under administration of over $4 billion and assets
under management approaching $1 billion, specializes in mid-market commercial
lending and offers a full range of retail banking services. Trust services to
independent financial advisors, corporations, income trusts and individuals
are provided through the Bank's subsidiaries, Canadian Western Trust Company
and Valiant Trust Company. Canadian Direct Insurance Incorporated is a
subsidiary providing personal auto and home insurance to customers in BC and
Alberta. Subsidiary Adroit Investment Management Ltd. provides wealth
management services to individuals, corporations and institutional clients.
The common shares of Canadian Western Bank are listed on the Toronto Stock
Exchange under the trading symbol 'CWB'. The preferred shares, series 3 and
purchase warrants commenced trading on the Toronto Stock Exchange on March 2,
2009 under the trading symbols 'CWB.PR.A' and 'CWB.WT' respectively. Refer to
www.cwbankgroup.com for additional information.

For further information: Tracey C. Ball, FCA, Executive Vice President
and CFO, Canadian Western Bank, Phone: (780) 423-8865; Kirby Hill, CFA,
Assistant Vice President, Investor and Public Relations, Canadian Western
Bank, Phone: (780) 441-3770, E-mail: kirby.hill@cwbank.com