"We are very pleased to offer both our common and preferred shareholders this option to have their cash dividends directly reinvested in CWB common shares," said Tracey Ball, CWB's Executive Vice President and Chief Financial Officer. "The terms of this Plan compare well with those offered by many of our peers in the Canadian financial services industry. We believe it will be well received, particularly by our loyal retail shareholders who have frequently requested such a program."

The full text of the Plan and an Authorization Form is now available at www.cwbankgroup.com/investor_relations/investor_relations/drip.htm and on the website of the Plan Agent, Valiant Trust Company, at http://www.valianttrust.com/securityholders/drip.htm. Alternatively, shareholders can phone, write or e-mail the Plan Agent. Registered shareholders wishing to participate in the Plan must read and complete an Authorization Form and deliver it to the Plan Agent at the following address:

    <<
         Valiant Trust Company
         600 -750 Cambie Street
         Vancouver, BC V6B 0A2
         Attention: Investor Relations
         P: 1-866-313-1872
         E: inquiries@valianttrust.com
         www.valianttrust.com
    >>

Beneficial shareholders who hold their shares through a nominee, such as a broker or investment dealer, should inquire about enrolment through their nominee.

Before participating, all shareholders are advised to read the complete text of the Plan and to consult their financial advisors regarding potential investment risks and tax implications. At present, only Canadian residents may participate in the Plan. CWB designates all dividends for both common and preferred shares paid to Canadian residents as "eligible dividends", as defined in the Income Tax Act (Canada), unless otherwise noted.

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 more than $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 that offers 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 Bank's Series 3 preferred shares and common share purchase warrants trade on the Toronto Stock Exchange under the trading symbols 'CWB.PR.A' and 'CWB.WT' respectively. Refer to www.cwbankgroup.com for additional information.

SOURCE: Canadian Western Bank

Valiant Trust Company, 600 - 750 Cambie Street,  Vancouver, BC, V6B 0A2, Attention:
Investor Relations, P: 1-866-313-1872, E: inquiries@valianttrust.com,
www.valianttrust.com; OR Canadian Western Bank - Investor Relations, Suite 3000,
10303 Jasper Avenue, Edmonton, AB, T5J 3X6, P: 1-800-836-1886, E:
InvestorRelations@cwbank.com, www.cwbankgroup.com

To participate in the live conference call, please dial 416-644-3414 or 1-800-733-7571. A replay of the call will be available until September 17, 2009 at 11:59 PM ET by dialling 416-640-1917 or 1-877-289-8525 and entering the passcode 21311921 followed by the pound key.

To listen to the webcast, please enter http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2755720 in your web browser.

For a complete listing of upcoming and archived webcasts available through CNW Group, please visit our events calendar at http://www.newswire.ca/en/webcast/index.cgi. CNW's webcast of earnings calls is consistent with Market Regulation Services Inc. (RS) objectives of providing investors with material information broadly and quickly.

SOURCE: CNW Webcasts

SOURCE: Canadian Western Bank

Kirby Hill, CFA, Assistant Vice President Investor and Public Relations, Canadian
Western Bank, Phone: (780) 441-3770, E-mail: kirby.hill@cwbank.com; Larry M. Pollock,
President and Chief Executive Officer, Canadian Western Bank, Phone: (780) 423-8888