Key Developments: Canadian Imperial Bank of Commerce (CM)

Latest Key Developments (Source: Significant Developments)

Canadian Imperial Bank Of Commerce To Acquire Atlantic Trust Private Wealth Management
Thursday, 11 Apr 2013 04:03pm EDT

Canadian Imperial Bank of Commerce announced that it has entered into a definitive agreement to acquire Atlantic Trust Private Wealth Management from its parent company, Invesco. Atlantic Trust manages approximately USD20 billion in assets on behalf of its clients through 12 metropolitan locations across the United States. The firm provides integrated wealth management solutions for high-net-worth individuals, families, foundations and endowments through a team of 235 relationship management, investment management, wealth strategies and support professionals. Under the terms of the transaction, CIBC will acquire Atlantic Trust for USD210 million, in an all-cash transaction that is expected to close, subject to regulatory approval, in the second half of 2013 and will be accretive to adjusted earnings per share in fiscal 2014. At closing, the transaction is expected to reduce CIBC's Basel III Common Equity Tier 1 ratio by approximately 20 basis points on a pro forma basis as at January 31, 2013. Full Article

Canadian Imperial Bank of Commerce Declares Dividends
Thursday, 28 Feb 2013 05:23am EST

Canadian Imperial Bank of Commerce announced that Board of Directors declared a dividend of 94 cents per share on common shares for the quarter ending April 30, 2013 payable on April 29, 2013 to shareholders of record at the close of business on March 28, 2013. Full Article

Canadian Imperial Bank of Commerce To Pay $149.5 Million To Lehman Estate, Ending Dispute-Reuters
Tuesday, 1 Jan 2013 09:29am EST

Reuters reported that Canadian Imperial Bank of Commerce said it would pay $149.5 million to the estate of Lehman Brothers Holdings Inc to resolve litigation over a collateralized debt obligation tied to the bankruptcy of the former Wall Street bank. In a statement, the Canadain bank said the payment was equal to $110.3 million after taxes. A Lehman spokeswoman had no immediate comment on the CIBC settlement. Full Article

Canadian Imperial Bank of Commerce Declares Dividends
Thursday, 6 Dec 2012 05:52am EST

Canadian Imperial Bank of Commerce announced that its Board of Directors declared a dividend of 94 cents per share on common shares for the quarter ending January 31, 2013 payable on January 28, 2013 to shareholders of record at the close of business on December 28, 2012. The Board of Directors also declared the following dividends per share: For the quarter ending January 31, 2013 payable on January 28, 2013 to shareholders of record at the close of business on December 28, 2012: Series 26 - $0.359375; Series 27 - $0.350000; Series 29 - $0.337500; Series 33 - $0.334375 Series 35 - $0.406250; Series 37 - $0.406250. Full Article

Moody's Warns May Downgrade Canadian Imperial Bank of Commerce And Other Canadian Banks-Reuters
Friday, 26 Oct 2012 06:28pm EDT

Reuters reported that Moody's Investors Service warned on Friday it could cut its ratings on five top Canadian banks on concerns about a softening economy and volatile capital markets, a blow to a banking system named the soundest in the world four years in a row. But the outlook for the sector is no longer as rosy, Moody's said, because of the risks presented by the macroeconomic environment and a business mix that leans heavily on domestic mortgages and other consumer lending. The warning applies to long-term debt ratings for Toronto Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada. It also applies to Caisse Centrale Desjardins, Canada's largest association of credit unions. The ratings agency said any cuts would likely be only one notch. The sector's ratings are still among the highest in the world. Full Article

Canadian Imperial Bank of Commerce Completes Acquisition Of U.S. energy Advisory Firm Griffis & Small, LLC
Tuesday, 4 Sep 2012 09:00am EDT

Canadian Imperial Bank of Commerce announced that it has completed the acquisition of Griffis & Small, LLC, a Houston-based energy advisory firm specializing in acquisitions and divestitures (A&D) in the exploration and production (E&P) sector. Full Article

Canadian Imperial Bank of Commerce To Acquire Griffis & Small-Canada Stockwatch News
Thursday, 30 Aug 2012 12:19pm EDT

Canada Stockwatch News reported that Canadian Imperial Bank of Commerce has reached an agreement to acquire Griffis & Small LLC, a Houston-based energy advisory firm specializing in acquisitions and divestitures (A&D) in the exploration and production (E&P) sector. Terms were not disclosed. The transaction, expected to close in the fourth quarter. The business will operate under the name CIBC Griffis & Small. Full Article

Canadian Imperial Bank of Commerce Arranges 8.1 Million Share Buyback-Canada Stockwatch News
Thursday, 30 Aug 2012 07:13am EDT

Canada Stockwatch News reported that Canadian Imperial Bank of Commerce intends to seek Toronto Stock Exchange approval to commence a normal course issuer bid on or about September 7, 2012. Under the bid, CIBC intends to repurchase for cancellation up to 8.1 million common shares, representing approximately 2% of CIBC's 405,747,564 issued and outstanding common shares as of August 27, 2012. CIBC will file a notice of intention to make a normal course issuer bid with the TSX to repurchase the common shares. The bid would commence following TSX approval and end, at the latest, on September 6, 2013. Full Article

Canadian Imperial Bank of Commerce Declares Dividends
Thursday, 30 Aug 2012 05:30am EDT

Canadian Imperial Bank of Commerce announced that its board of directors declared a dividend of 94 cents per share on common shares for the quarter ending October 31, 2012 payable on October 29, 2012 to shareholders of record at the close of business on September 28, 2012. The board of directors also declared the following dividends per share: For the quarter ending October 31, 2012 payable on October 29, 2012 to shareholders of record at the close of business on September 28, 2012: Series 26 - $0.359375; Series 27 - $0.350000; Series 29 - $0.337500; Series 33 - $0.334375; Series 35 - $0.406250; Series 37 - $0.406250. For the 90 days ending October 29, 2012 payable on October 29, 2012 to shareholders of record at the close of business on September 28, 2012: Full Article

Canadian Imperial Bank of Commerce's Wealth Division To Acquire Private Wealth Business of MFS McLean Budden
Tuesday, 7 Aug 2012 08:30am EDT

Canadian Imperial Bank of Commerce announced its wealth division will acquire MFS McLean Budden's Private Wealth business. MFS McLean Budden's Private Wealth business manages approximately $1.4 billion in assets for high-net-worth individuals and families, endowments and foundations. Terms of the transaction were not disclosed. The transaction which is subject to regulatory approval is expected to close in Q4 2012. Full Article

Canadian Imperial Bank of Commerce News

Analysis: CIBC's Canada focus raises concerns as growth slows

TORONTO - Canadian Imperial Bank of Commerce's remake from swashbuckling Wall Street player to low-risk Canada-focused lender has stabilized its earnings, but some shareholders now worry that the bank faces outsized exposure to an uncertain housing market.

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Earnings vs. Estimates

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