Pacific & Western arranges financing for $198.1 million Hamilton's Henderson General Hospital



    LONDON, ON, Dec. 17 /CNW/ - David Taylor, President & C.E.O. of Pacific &
Western Credit Corp. (TSX:PWC), is pleased to announce that Pacific & Western
Credit Corp.'s wholly owned subsidiary, Pacific & Western Bank of Canada (the
"Bank"), has arranged the financing for the construction by EllisDon
Corporation of the Hamilton Health Sciences' Henderson Redevelopment Project
under Infrastructure Ontario's Alternative Financing and Procurement Program.
This financing was arranged with the assistance of the Gwich'in Tribal
Council, an aboriginal organization that represents the Gwich'in in the
Mackenzie-Delta of the Northwest Territories.
    David Taylor commented that, "Pacific & Western is delighted to provide
financing for the Henderson General Hospital in Hamilton and work with
EllisDon on another hospital project to assist with improving health care in
Canada."
    Fred Carmichael, President of the Gwich'in Tribal Council, stated that,
"the Gwich'in Tribal Council is delighted to assist with the financing of
another Ontario hospital redevelopment project. The revenue from this
financing will be used to assist with funding the wellness centre for the
Gwich'in that is being constructed on the banks of the Mackenzie River."

    Pacific & Western Bank of Canada, a Schedule 1 chartered bank, is a
branchless financial institution with $1.5 billion in assets. The Bank was
formed to provide innovative financing to large corporate and government
entities including hospitals, school boards, universities and colleges,
municipalities and provincial and federal government agencies. With no retail
operations or store fronts, the Bank is one of the most efficiently operating
financial institutions in Canada. These overhead savings translate into very
competitive rates for our clients.
    Pacific & Western Bank of Canada is wholly owned by Pacific & Western
Credit Corp., whose shares trade on the TSX under the symbol PWC.

    To receive company news releases, please contact:
    Camille Malette at camillem@pwbank.com, (519) 675-4204





For further information:

For further information: Investor Relations: (800) 244-1509,
InvestorRelations@pwbank.com; Public Relations & Media: Tel Matrundola,
Vice-President, (416) 203-0882, telm@pwbank.com; Visit our website at:
http://www.pwbank.com

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Pacific & Western Credit Corp.

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