estern Financial Group Inc. said it has received the necessary regulatory approval to make a normal course issuer bid to repurchase up to about 5% of its outstanding common shares as well as some debentures.

The High River, Alta.-based bank has been authorized to repurchase a maximum of 918,265 of its common shares, representing 5% of the 18,365,316 issued and outstanding common shares as at April 27 as well as a maximum of $548,715 in aggregate principal amount of 9% convertible unsecured subordinated debentures, representing about 5% of the $10,974,300 aggregate principal amount of 9% debentures issued and outstanding as at April 27.

All common shares and 9% debentures purchased by Western pursuant to the bid will be cancelled.

Western has purchased 93,400 of its common shares in the past 12 months at an average price of $2.69 per share and $143,700 of its 9% Debentures in the past 12 months at an average price of $112 per debenture. The common chares of Western are traded on The Toronto Stock Exchange under the symbol “WES” and the 9% Debentures trade under the stock symbol “WES.DB.A”.