Pacific & Western declares dividend on Class "B" Preferred Shares

LONDON, ON, Dec. 10 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) will pay a quarterly dividend on its outstanding Class "B" Preferred Shares on December 31, 2009 at the rate of $2.25 per annum. The dividend will be in the amount of $0.567 per Class "B" Preferred Share, comprised of $0.212 cash and $0.355 in common shares of PWC. The number of common shares to be issued is based on the volume weighted average trading price of PWC's common shares on the TSX and will result in .099 common shares per Class "B" Preferred Share, subject to rounding calculations for fractional shares.

The dividends to which this notice relates are payable on December 31, 2009 to Class "B" Preferred Shareholders of record at the close of business on December 21, 2009.

Pacific & Western Credit Corp.'s Class "B" Preferred Shares trade on the TSX under the symbol PWC.PR.B.

Pacific & Western Credit Corp.'s common shares trade on the TSX under the symbol PWC.

On behalf of the Board of Directors: David R. Taylor, President & C.E.O.

To receive company news releases, please contact:

Carla McPhee at carlam@pwbank.com, (519) 675-4204

SOURCE Pacific & Western Credit Corp.

For further information: For further information: Director, Investor Relations: Wade MacBain, (800) 244-1509, wadem@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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