The Globe and Mail reports in its Saturday, Dec. 20, edition that Canadian Western Bank ($32.41) stands to suffer as a result of the rout in energy prices. The Globe's Norman Rothery writes in the Strategy Lab column that about 41 per cent of its loan portfolio is in Alberta and 35 per cent is in British Columbia. Mr. Rothery notes the bank's geographic concentration is great when Alberta booms but it smarts when it busts. If it were not for low oil prices, the bank would be a much more attractive investment. It has $20.6-billion in total assets, $1.6-billion in common equity and a market capitalization of $2.6-billion. The bank's stock has lagged both the market and its peers in recent times. After hitting a 52-week high of $43.30 in August, its shares fell to a low of $28.86 last week. While the stock is less expensive than it was, its valuation is not dirt cheap on a historical basis. It currently trades at 1.8 times tangible book value. The last time oil took a big dive, during the crash of 2008-2009, the stock changed hands at only 0.73 times tangible book value. Mr. Rothery notes that the shares would have to fall almost 60 per cent to reach similar ratios.