LONDON, ON, Feb. 10 /CNW/ - Pacific & Western Bank of Canada (PWBank), a
wholly owned subsidiary of Pacific & Western Credit Corp. (TSX:PWC), is
pleased to announce that CMHC has granted PWBank Approved Issuer status
entitling it to issue NHA Mortgage Backed Securities, subject to standard
conditions, and that it has also been approved by CMHC as an Approved Seller
under the CMHC Canada Mortgage Bonds Program.
David Taylor, President & C.E.O. of PWBank stated, "This welcome news
will allow us to enhance our CMHC mortgage lending program, provides valuable
added liquidity and flexibility in our lending portfolio, and increases our
potential for additional profits."
PWBank, a Schedule I chartered bank, is a branchless financial
institution with approximately $1.5 billion in assets and over $1 billion in
lending assets. PWBank specializes in providing financing to relatively low
risk markets that include government entities including hospitals, school
boards, universities and colleges, municipalities, provincial and federal
government agencies, and insured residential mortgages.
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