Canadian Western Bank receives ministerial approval for B.C. Bancorp Amalgamation Agreement.

EDMONTON, ALBERTA--(BUSINESS WIRE)--Oct. 24, 1996--CANADIAN WESTERN BAN (TSE: CWB.DB.) Canadian Western Bank and B.C. Bancorp (formerly Bank of British Columbia) today announced that approval for the amalgamation agreement respecting the previously announced proposed amalgamation of the two banks has been given by the Honourable Douglas Peters, on behalf of the Minister of Finance. The two banks will seek the approval of their shareholders at their respective special shareholders meetings on Oct. 28, 1996.

The statutory amalgamation will see the effective acquisition by Canadian Western Bank of all outstanding shares of B.C. Bancorp. The effective purchase price will be $0.40 per share, payable, at the discretion of the B.C. Bancorp shareholder, in either cash or 0.035 Canadian Western Bank shares (equivalent to 28.57 B.C. Bancorp shares to one Canadian Western Bank share). Pricing of the Canadian Western Bank shares is $11.47 per share and represents the weighted average price for the 20 trading days prior to Sept. 18, 1996. Since fractional shares will not be issued, B.C. Bancorp shareholders must own a minimum of 29 shares to receive Canadian Western Bank shares. Fractional shares will be paid in cash.

Larry Pollock, president of Canadian Western Bank, said he is extremely pleased that the two banks can now proceed with obtaining shareholder approval. Since the proposed amalgamation is beneficial for both institutions, Mr. Pollock said he has strong reasons to believe the shareholders will approve the amalgamation at the meetings on Oct. 28, 1996. William Bryden, president of B.C. Bancorp, said he is also pleased that the banks have successfully obtained the key rulings required to move ahead with the shareholder vote and that he looks forward to finalizing the amalgamation.

Canadian Western Bank operates through 20 branch locations and is the only Schedule I chartered bank with its headquarters and principal operations in Western Canada. The Bank specializes in commercial loans, commercial real estate financing, equipment loans and leasing to businesses throughout Western Canada. Services to individuals are provided through a competitive range of mortgages, consumer loans, deposit products and other retail banking services. Through Canadian Western Trust Company, it also offers self-administered RRSP, RRIF, trust and other fiduciary services.

The common shares of Canadian Western Bank are listed on each of the Toronto, Vancouver and Alberta Stock Exchanges under the trading symbol "CWB". The Bank's convertible debentures also trade on the TSE under the symbol "CWB.DB".

B.C. Bancorp is a Schedule I Bank with its headquarters in Vancouver, British Columbia. Since 1986, when the majority of its operations were purchased by the Hong Kong Bank of Canada, it has limited its activities to the liquidation of remaining assets and distribution of the proceeds to its shareholders. B.C. Bancorp has 33.9 million shares outstanding held by approximately 14,000 shareholders.

The common shares of B.C. Bancorp are listed on the Toronto and Vancouver Stock Exchanges under the trading symbol "BBC".

CONTACT: Canadian Western Bank

Larry M. Pollock, 403/423-8888

or

B.C. Bancorp

William J. Bryden, 604/681-3911

or

Hume, Kieran Inc.

Jon W. Kieran, 416/868-1079

Cathy Hume, 416/868-1079