Pacific & Western Bank of Canada Closes Private Placement Offering



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES./

    LONDON, ON, Feb. 27 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce that on February 27, 2009 its wholly owned subsidiary,
Pacific & Western Bank of Canada ("PWBank"), completed a private placement
closing of $10,000,000 of ten year term subordinated notes ("Notes"). The
Notes have a coupon of 11% per annum. Net proceeds from the issuance of the
Notes will be used to fund growth in the loan portfolio of PWBank,
particularly in CMHC and healthcare financings.
    David Taylor, President & C.E.O. of PWBank said, "This addition to our
Bank's regulatory capital will provide us with additional lending capacity to
continue to grow and meet our clients' borrowing needs in these difficult
times."
    Scotia Capital Inc. acted as the financial advisor to PWC.

    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.
    Pacific & Western Credit Corp.'s shares trade on the TSX under the symbol
PWC.
    To receive company news releases, please contact: Carla McPhee at
carlam@pwbank.com, (519) 675-4204 FOR





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

Organization Profile

Pacific & Western Credit Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890