Pacific & Western Credit Corp. purchases an additional $30 million of its Banks common equity

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.

To receive company news releases, please contact:
Wade MacBain, (800) 244-1509, wadem@pwbank.com

FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations: (800) 244-1509, wadem@pwbank.com
Public Relations & Media: Tel Matrundola, Vice-President, (416) 203-0882, telm@pwbank.com

SOURCE: Pacific & Western Credit Corp.

For further information:

Visit our website at:  http://www.pwbank.com

Organization Profile

Pacific & Western Credit Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890