Canadian Western Bank CWB-T says shareholders have overwhelmingly voted in favour of a sale of the company to National Bank of Canada NA-T.
Edmonton-based CWB says the vote at the special meeting Tuesday was 99.78 per cent in favour of the all-share deal.
The two banks announced the proposal in June that would see Montreal-based National Bank take over mid-sized CWB at a roughly $5-billion valuation.
The deal represented a more than 100-per-cent premium to where CWB was trading before the deal was announced.
The takeover would see National Bank expand further westward as it takes on CWB’s Alberta and B.C.-focused operations.
The proposal still requires regulatory approval, but if secured the deal is expected to close next year.