Canadian Banc Corp. Monthly Dividend Declaration for Class A and Preferred Stock

TORONTO, Sept. 18, 2024 (GLOBE NEWSWIRE) — Canadian Banc Corp. (the “Company”) announces its monthly distribution of $0.13913 for each Class A Share and $0.06625 for each Preferred Share. Distributions are payable on October 10, 2024 to shareholders of record as of September 30, 2024.

Under the distribution policy announced in November 2021, the monthly dividend payable on the Class A shares will be determined by applying an annual rate of 15% to the volume weighted average market price (VWAP) of the Class A shares over the last 3 trading days of the preceding month. As a result, Class A shareholders of record on September 30, 2024 will receive a dividend of $0.13913 per share based on the VWAP of $11.13 payable on October 10, 2024. The yield remains stable at 15.00% (based on the VWAP) under this distribution policy.

Preferred shareholders receive a premium plus 1.50% with a minimum rate of 5.00% and a maximum rate of 8.00%.

Since inception, Class A shareholders have received an aggregate of $22.65 per share and preferred shareholders have received an aggregate of $10.70 per share, including this distribution, for a combined total of $33.36.

The Company invests in a portfolio of six publicly traded Canadian banks, as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Equities held in the portfolio are expected to range in weight from 5-20%, but may vary at any time. In order to generate excess returns above the dividend income earned on the portfolio, the Company operates a selective covered call writing program.

Investor Relations:
1-877-478-2372
Local: 416-304-4443
www.canadianbanc.com
[email protected]