Canada Deposit Insurance Corporation outlines deposit insurance coverage after Canadian Western Bank amalgamates into National Bank of Canada

The Canada Deposit Insurance Corporation (CDIC) advised depositors that Canadian Western Bank (CWB) and National Bank of Canada (NBC) amalgamated effective March 1, 2025, with deposits held at CWB migrating to NBC and specific CDIC coverage rules applying to pre- and post-amalgamation deposits. Canadian Western Trust and Valiant Trust are now subsidiaries of NBC and remain CDIC members in their own right, with eligible deposits at each subsidiary protected separately from those at NBC. Eligible deposits held at CWB before the amalgamation continue to be protected separately, up to CAD 100,000 per category, for two years after the amalgamation or, for term deposits, until maturity or redemption, with the separate coverage reduced as withdrawals are made or term deposits mature or are redeemed. For new deposits made at NBC after the amalgamation, CDIC coverage depends on the combined pre-amalgamation deposits at CWB and NBC in the relevant category: where the combined amount exceeded CAD 100,000, additional eligible deposits in that category are not insured, and where the combined amount was under CAD 100,000, new eligible deposits are added to the total and insured up to CAD 100,000.