How CDIC protection applies following Canadian Western Bank – National Bank of Canada transaction

OTTAWA – March 3, 2025 – The Canada Deposit Insurance Corporation (CDIC) is advising depositors that, effective March 1, 2025, the following CDIC member institutions have amalgamated: Canadian Western Bank (CWB) and National Bank of Canada (NBC).

Upon the amalgamation of these entities, deposits held at CWBCanadian Western Bank migrated to NBCNational Bank of Canada. CWBNational Bank of Canada subsidiaries Canadian Western Trust and Valiant Trust are now subsidiaries of NBCNational Bank of Canada and members of CDICCanada Deposit Insurance Corporation in their own right. Eligible deposits at each subsidiary are protected separately from those at NBCNational Bank of Canada.

Deposits made before amalgamation

Eligible deposits at CWBCanadian Western Bank before the amalgamation continue to be protected separately, up to $100,000 per category for a period of two years post amalgamation, or in the case of term deposits, until maturity (or redemption). However, the amount of separate coverage is reduced by any withdrawals made from those separate deposits, or as term deposits mature or are redeemed.

Deposits made after amalgamation

Coverage for new deposits at NBC after amalgamation depends on the total deposits at CWBCanadian Western Bank and NBCNational Bank of Canada before they amalgamated:

• If the combined deposits (in a category) at CWBCanadian Western Bank and NBCNational Bank of Canada exceeded $100,000, any new eligible deposits (for that category) will not be insured by CDIC.
• If the combined deposits (in a category) at CWBCanadian Western Bank and NBCNational Bank of Canada are under $100,000, any new eligible deposits (for that category) will be added to the previous deposits and insured up to $100,000.

Look for this logo to identify a CDICCanada Deposit Insurance Corporation member institution:

About CDIC

CDICCanada Deposit Insurance Corporation is a federal Crown corporation, established in 1967. We protect people’s money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. As a resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada. No one has ever lost any money under CDICCDIC protection.

– 30 –

For further information

CDICCDIC Media Team
Tel: 613-943-4395
E-mail: media@cdic.ca