Pacific & Western Credit Corp. announces another private placement closing of
Class "B" Preferred Shares

LONDON, ON, Jan. 26 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is pleased to announce that it completed another private placement closing of 250,000 of its Class "B" Preferred Shares on January 25, 2010. Net proceeds from this closing are $5.9 million, and net aggregate proceeds from this closing together with the December 30, 2009 private placement closing are $10.7 million. Proceeds will be used for working capital purposes in PWC and to provide additional regulatory capital to PWC's wholly-owned subsidiary, Pacific & Western Bank of Canada (the Bank), to provide for the Bank's growth.

Pacific & Western Credit Corp.'s Class "B" Preferred Shares trade on the TSX under the symbol PWC.PR.B.

To receive company news releases, please contact: Carla McPhee at carlam@pwbank.com, (519) 675-4204

SOURCE Pacific & Western Credit Corp.

For further information: For further information: Director, Investor Relations, Wade MacBain, (800) 244-1509, wadem@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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