TORONTO, June 23, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its intention to redeem all of its issued and outstanding Non-cumulative Class A Preferred Shares Series 45 (TSX: CM.PR.R) for cash. The redemption will occur on July 29, 2022. The redemption price is $25.00 per Series 45 share.

The $0.275000 quarterly dividend announced on May 26, 2022 will be the final dividend on the Series 45 shares and will be paid on July 28, 2022, covering the period to July 31, 2022, to shareholders of record on June 28, 2022.

Holders of the Series 45 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.

CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

SOURCE CIBC