Pacific & Western Credit Corp. Announces Reception and Special Meetings on June 26



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

    LONDON, ON, June 3 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce that on June 26, 2009 it will host a reception at 9:30 am
at The London Club, 177 Queens Avenue, London, Ontario. At 10:00 am David
Taylor, President & C.E.O., will provide an update on PWC's activities,
followed by special meetings of its common shareholders, Class "A" Preferred
shareholders, Series A Noteholders and Series C Noteholders.
    PWC is proposing the creation of Class "B" Preferred shares, and plans to
give its Class "A" Preferred Shareholders, Series A Noteholders and Series C
Noteholders the opportunity to convert into the new Class "B" Preferred
shares. In addition, the Series A Noteholders will, upon approval, have the
opportunity to convert to Series C Notes. All conversions are strictly
voluntary.
    David Taylor, President & C.E.O. stated that, "PWC is pleased to offer
its shareholders and noteholders a new attractive investment vehicle. We may
consider doing offerings of the Class "B" Preferred shares in the future. Any
proceeds of such offerings would be used to increase the regulatory capital of
PWC's wholly-owned subsidiary, Pacific & Western Bank of Canada, and provide
working capital for PWC."
    Details of the Class "B" Preferred shares and of the proposed conversions
can be found in the Management Proxy Circulars for the various special
meetings at www.sedar.com.

    PWBank, a Schedule I chartered bank, is a branchless financial
institution with approximately $1.6 billion in assets. PWBank specializes in
providing innovative financing to large corporate and government entities
including hospitals, school boards, universities and colleges, municipalities
and provincial and federal government agencies. With no retail operations or
store fronts, PWBank is one of the most efficiently operating financial
institutions in Canada. These overhead savings translate into very competitive
rates for our clients.
    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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