PACIFIC & WESTERN CREDIT CORP. ANNOUNCES PRIVATE PLACEMENT CLOSING OF COMMON SHARES

LONDON, ON, Feb. 8 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is pleased to announce that it has completed a private placement closing of one million common shares for gross proceeds of $3.1 million. PWC intends to utilize these proceeds by purchasing common shares of its wholly-owned subsidiary Pacific & Western Bank of Canada (PWBank), thereby increasing its Tier I capital and allowing PWBank to further expand its loan and lease portfolio.

PWBank, a Canadian Schedule I chartered bank, is a branchless financial institution. It specializes in providing financing throughout Canada to well established corporations and government entities, including hospitals, school boards, universities and colleges, municipalities, provinces and territories, and federal government agencies.

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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