CORRECTION – Canadian Banc Corp. Monthly Dividend Declaration for Class A & Preferred Share

TORONTO, May 21, 2026 (GLOBE NEWSWIRE) -- In a prior communication disseminated on May 21, 2026 regarding the May 29, 2026 dividend declaration for BK Class A Shares, the VWAP used to determine the payment rate was not adjusted for the May 19, 2026 Class A Share Split (1.1 for 1). Accordingly, the final dividend payable for the May 29, 2026 record date is $0.16900 per BK Class A Share, revised from the previously disclosed $0.18588. The payment rate is based on 15% of the adjusted VWAP for the last three trading days of the preceding month. The total distributions to date were impacted and have also been amended. No other changes have been made. The corrected release follows:

Canadian Banc Corp. (The "Company") declares its monthly distribution of $0.16900 for each Class A share and $0.04958 for each Preferred share. Distributions are payable June 10, 2026 to shareholders on record as at May 29, 2026.

Under the distribution policy announced in November 2021, the monthly dividend payable on the Class A shares is determined by applying a 15% annualized rate on the volume weighted average market price (VWAP) of the Class A shares over the last 3 trading days of the preceding month. As a result, Class A shareholders of record on May 29, 2026 will receive a dividend of $0.16900 per share based on the VWAP of $13.52 payable on June 10, 2026. The yield will remain stable at 15.00% (based on the VWAP) under this distribution policy.

Preferred shareholders will receive prime plus 1.50% with a minimum rate of 5.00% and a maximum rate of 8.00%.

Since inception Class A shareholders have received a total of $25.82 per share and Preferred shareholders have received a total of $11.78 per share inclusive of this distribution, for a combined total of $37.60.

The Company invests primarily in a portfolio of six publicly traded Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares held within the portfolio are expected to range between 5-20% in weight but may vary at any time. To generate additional returns above the dividend income earned on the portfolio, The Company engages in a selective covered call writing program.