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Enter Symbol
or Name
USA
CA



Canadian Imperial Bank of Commerce
Symbol CM
Shares Issued 394,746,840
Close 2016-08-24 C$ 102.00
Market Cap C$ 40,264,177,680
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CIBC to pay $1.21 dividend Oct. 28

2016-08-25 07:22 ET - News Release

An anonymous director reports

CIBC DECLARES DIVIDENDS AND ANNOUNCES ELECTIONS UNDER ITS SHAREHOLDER INVESTMENT PLAN

Canadian Imperial Bank of Commerce's board of directors has declared a dividend of $1.21 per share on common shares for the quarter ending Oct. 31, 2016, payable on Oct. 28, 2016, to shareholders of record at the close of business on Sept. 28, 2016.

Class A preferred shares

The board of directors also declared the following dividends per share:

For the quarter ending Oct. 31, 2016, payable on Oct. 28, 2016, to shareholders of record at the close of business on Sept. 28, 2016:

  • Series 39 -- 24.375 cents;
  • Series 41 -- 23.4375 cents;
  • Series 43 -- 22.5 cents.

In addition, CIBC announced elections under the CIBC shareholder investment plan.

CIBC shareholder investment plan

Under the plan, CIBC offers the dividend reinvestment option for Canadian residents and the stock dividend option for U.S. residents, to reinvest and receive dividends, respectively, on their CIBC common shares and preferred shares in the form of CIBC common shares. Canadian resident shareholders may also purchase additional common shares under the share purchase option.

Under the plan, CIBC is entitled to determine whether common shares for the plan are purchased in the secondary market or issued from treasury. CIBC has elected to issue common shares from treasury, starting with the dividend payable on Oct. 28, 2016, to common and preferred shareholders of record at the close of business on Sept. 28, 2016. Common shares issued on and after Oct. 28, 2016, under the dividend reinvestment option and the stock dividend option will be issued at a 2-per-cent discount from the average market price (as defined in the plan). The discount will not apply to common shares purchased under the share purchase option of the plan. Previously, common shares received by participants under the plan were purchased in the secondary market with no discount from the average market price.

Continuing participants in the plan will automatically have the discount applied to the reinvestment of their dividends on the Oct. 28, 2016, dividend payment date. Registered shareholders resident in Canada or the United States wishing to join the plan can obtain an enrolment form from CIBC's agent, CST Trust Company, by calling 416-682-3860 in Toronto, or toll-free at 1-800-387-0825 from elsewhere in Canada or the United States. Eligible beneficial or non-registered shareholders must contact their financial institution or broker to find out details on how they can participate.

In order to participate in time for the Oct. 28, 2016, dividend payment date, enrolment forms from registered shareholders must be received by CST Trust Company before the close of business on Sept. 21, 2016. Eligible beneficial or non-registered shareholders should contact their financial institution or broker well in advance of the above date for instructions on how to enroll in the plan.

A copy of the plan offering circular describing the terms and conditions applicable to the plan is available from the investor relations section of the bank's website or from the agent or by e-mail.

About CIBC

CIBC has 11 million personal banking and business clients. Through the bank's three major business units -- retail and business banking, wealth management, and capital markets -- 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.

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