LONDON, ON, March 11, 2013 /CNW/ - On March 8, 2013, Pacific & Western
Credit Corp. (TSX:PWC) purchased an additional $30 million of Pacific &
Western Bank of Canada's common shares. This increased the Bank's
common equity tier one (CET1) percentage to approximately 10.4%, one of
the highest capital ratios in the Canadian banking industry.
David Taylor, President & CEO of PWC said, "This year one of our
important goals was to increase our Bank's key capital ratio, so that
it could continue to grow profitably in its niche markets. With the
favourable outcome of our Series C note holder vote on March 7, 2013 we
were able to make significant progress in this area."
Pacific & Western Bank of Canada is wholly owned by Pacific & Western
Credit Corp., whose shares trade on the TSX under the symbol PWC.
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SOURCE: Pacific & Western Credit Corp.
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