PACIFIC & WESTERN ANNOUNCES MAILING OF PROSPECTUS AND FILING OF FINAL SHORT FORM PROSPECTUS

LONDON, ON, May 20 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) (the "Corporation" or "PWC") is pleased to announce, further to its April 28, 2011 and May 4, 2011 announcements regarding a marketed public offering (the "Offering") of units of the Corporation, that it has received a receipt for its final short form prospectus related to the Offering in each of the provinces and territories of Canada (other than Quebec). The final short form prospectus will be available on SEDAR, and is available on PWC's website as well at http://www.pwbank.com.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and other securities regulatory authorities.

All interested investors and shareholders should contact the Corporation, the underwriters or their own broker today, in order that their participation in the Offering can be assured prior to the expected closing. Existing PWC shareholders are invited to participate in the Offering. A copy of the amended and restated preliminary short form prospectus related to the Offering was mailed to shareholders.

Investor Relations: Wade MacBain, Director (800) 244-1509, wadem@pwbank.com;

Public Relations & Media: Tel Matrundola, Vice-President, (866) 787-9936, telm@pwbank.com

To receive company news releases, please contact:

Carla McPhee at carlam@pwbank.com, (519) 675-4204

SOURCE Pacific

For further information: Visit our website at: http://www.pwbank.com

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Pacific & Western Credit Corp.

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