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Press release from CNW Group

CWB amends normal course issuer bid to purchase additional warrants

Thursday, September 30, 2010

CWB amends normal course issuer bid to purchase additional warrants10:30 EDT Thursday, September 30, 2010 EDMONTON, Sept. 30 /CNW/ - Canadian Western Bank (TSX: CWB) (CWB or 'the Bank') today announced the Toronto Stock Exchange (TSX) has approved CWB's application to amend its existing normal course issuer bid (NCIB) to purchase, for cancellation, an additional 721,619 of the Bank's outstanding warrants (TSX: CWB.WT). The warrants will be purchased through the facilities of the TSX. The purchase of warrants under the NCIB forms part of CWB's capital management program. This initiative is consistent with management's objective to maintain strong capital ratios while maximizing value for CWB shareholders. To date, CWB has purchased and cancelled a total of 746,504 warrants at an average price of $10.92. The amendment, which is effective October 4, 2010, will allow CWB to purchase an aggregate of 1,469,677 warrants, representing approximately 10% of the public float for warrants that was outstanding as at January 18, 2010. About Canadian Western Bank GroupCanadian Western Bank offers a full range of business and personal banking services across the four western provinces and is the largest Canadian owned bank headquartered in Western Canada. The Bank, along with its operating subsidiaries, Canadian Western Trust Company, Valiant Trust Company, Canadian Direct Insurance Incorporated, National Leasing Group Inc., Adroit Investment Management Ltd. and Canadian Western Financial Ltd., collectively offer a diversified range of financial services across Canada and are together known as Canadian Western Bank Group. The common shares of Canadian Western Bank are listed on the Toronto Stock Exchange under the trading symbol 'CWB'. Refer to www.cwbankgroup.com for additional information. For further information: <p>Kirby Hill, CFA<br/>Director<br/>Investor & Public Relations, External Communications<br/>Canadian Western Bank<br/>Phone: (780) 441-3770<br/>E-mail: <a href="mailto:kirby.hill@cwbank.com">kirby.hill@cwbank.com</a></p>