Pacific & Western finances $33.65 million 4-pad community arena for Lakeshore Lions



    LONDON, ON, Nov. 14 /CNW/ - David Taylor, President & C.E.O. of Pacific &
Western Credit Corp. (TSX:PWC), is pleased to announce that Pacific & Western
Credit Corp.'s wholly owned subsidiary, Pacific & Western Bank of Canada (the
"Bank"), has closed the initial funding of a total financing of $33.65 million
for the construction of a new 4-pad arena facility in Etobicoke, Ontario being
developed by the Lakeshore Lions Club. Pacific & Western Bank of Canada has
worked closely with the Lakeshore Lions Club, and its financial advisor
Ollerhead Christie & Company Ltd., over the last two years to complete this
financing.
    The new Arena, which will be approximately 270,000 square feet, will
replace the existing single-pad Lakeshore Lions Arena, built by the Lions Club
in 1949, and operated continuously by the Club since. The new facility is
scheduled to be completed in time for the 2009 season, and will not only help
to meet the local community's demand for ice time, but will serve as a
practice facility for the Toronto Maple Leafs, and the Toronto Marlies
professional hockey organizations. In addition the Hockey Hall of Fame and
Hockey Canada will be tenants in the facility.

    The Lakeshore Lions Club was founded in 1932 as a service club and has
had a bountiful history. It is a legacy of a group of local men and their
dedication and personal involvement in the affairs of their community. Since
its inception, the Lion members have raised and donated in excess of
$3,000,000 within the local area. The Lions have owned and operated the
Lakeshore Lions Arena since 1949, providing local hockey teams with an ice
surface to play their games. The Lakeshore Lions also own and operate
Camp Bellaleo, and have provided funds for many other projects.

    Pacific & Western Bank of Canada, a Schedule 1 chartered bank, is a
branchless financial institution with $1.4 billion in assets. The Bank was
formed to provide 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, the Bank is one of the most efficiently operating
financial institutions in Canada. These overhead savings translate into very
competitive rates for our clients.
    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 PWC news releases via e-mail: Karen McConnell, (519) 675-4204,
karenm@pwbank.com.

    Further information on PWC is available through Pacific & Western's
corporate web site at http://www.pwbank.com.





For further information:

For further information: PWC Public Relations & Media: Tel Matrundola,
Vice President, Public & Strategic Initiatives, (866) 787-9936,
telm@pwbank.com; Lakeshore Lions Club: Brian Hoskins or Bob Harris, (416)
252-3111 or (416) 200-4243, Brian@KinvestManagement.Com or
Bob.Harris@Rogers.Com

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Pacific & Western Credit Corp.

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