Pacific & Western Credit Corp. Announces Private Placement Offering



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

    LONDON, ON, June 20 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce its plans to proceed with a private placement of its
Series C promissory notes ("Notes"). The Notes pay interest at 9% per annum
and mature on October 16, 2018. They will be issued in denominations of $1,000
and integral multiples thereof. On June 12, 2008, the Series C Noteholders
passed an extraordinary resolution that increased the number of authorized
Notes that PWC can issue from $22,684,000 to $100 million.
    The offering, which is subject to regulatory approval, is expected to
close on or about June 30, 2008.
    Net proceeds from the offering will be used to fund growth in the
securities and loan portfolio of PWC's wholly owned subsidiary, Pacific &
Western Bank of Canada.

    The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale would be
unlawful.

    Not for distribution to U.S. news wire services or dissemination in the
United States.

    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 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

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Pacific & Western Credit Corp.

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