TORONTO, June 2, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its intention to redeem all of its issued and outstanding Non-cumulative Rate Reset Class A Preferred Shares Series 33 (TSX: CM.PR.K), and Non-cumulative Rate Reset Class A Preferred Shares Series 37 (TSX: CM.PR.M), for cash. The redemptions will occur on July 31, 2014. The redemption price is $25.00 per Series 33 or Series 37 share.
The quarterly dividends of $0.334375 per Series 33 share and $0.406250 per Series 37 share, announced on May 29, 2014 will be the final dividends for these two series. These dividends will be paid on July 28, 2014 to shareholders of record on June 27, 2014.
Holders of the Series 33 and Series 37 shares should contact the financial institution, broker or other intermediary through which they hold the shares to confirm how they will receive their redemption proceeds.
About CIBCCIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com. SOURCE CIBC
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