Pacific & Western arranges financing for $214 million Sarnia Bluewater hospital



    LONDON, ON, Oct. 4 /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 Bluewater Health Capital Redevelopment Project in Sarnia,
Ontario 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 stated that, "We are pleased to be able to provide 
economical financing for the Bluewater hospital in Sarnia and work with
EllisDon to facilitate a win-win solution for health care in Canada."
    Fred Carmichael, President of the Gwich'in Tribal Council, stated that,
"the Gwich'in Tribal Council is delighted to be in a position to assist with
the financing of this project. The revenue from this financing will be used to
assist with funding a wellness centre for the Gwich'in on the banks of the
Mackenzie River."

    Pacific & Western Bank of Canada, a Schedule 1 chartered bank, is a
branchless financial institution with $1.3 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 via e-mail: Karen McConnell, (519)
675-4204, karenm@pwbank.com.
    Further information on PWC is available through Pacific & Western's
corporate web site at http://www.pwbank.com.





For further information:

For further information: Investor Relations: Bruce Schruder, Vice
President, Investor Relations & Marketing, 1-800-244-1509,
InvestorRelations@pwbank.com; Public Relations & Media: Tel Matrundola, Vice
President, Public & Strategic Initiatives, (416) 203-0882, telm@pwbank.com

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Pacific & Western Credit Corp.

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