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

LONDON, ON, Dec. 31 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is pleased to announce that it completed the closing of a private placement of 204,500 Class "B" Preferred Shares on December 30, 2009. Net proceeds from this closing are $4.8 million, and will be used for working capital purposes in Pacific & Western Credit Corp.

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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