Pacific & Western Credit Corp. Announces Second Closing of Private Placement Offering



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

    LONDON, ON, July 14 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is
pleased to announce that it plans to hold a second closing on July 25, 2008 of
the private placement of its Series C promissory notes ("Notes"). The Notes
pay interest at 9% per annum and will be issued in denominations of $1,000 and
integral multiples thereof.
    Net proceeds from this second closing of 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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