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. CWB subsidiaries Canadian Western Trust and Valiant Trust are now subsidiaries of NBC and members of CDIC in their own right. Eligible deposits at each subsidiary are protected separately from those at NBC.

Eligible deposits at CWB 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.

Coverage for new deposits at NBC after amalgamation depends on the total deposits at CWB and NBC before they amalgamated:

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