PACIFIC & WESTERN TO PAY QUARTERLY DIVIDEND ON CLASS "B" PREFERRED SHARES

LONDON, ON, Dec. 9 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) will pay a quarterly dividend on its outstanding Class "B" Preferred Shares on December 31, 2010 at the rate of $2.25 per annum. The dividend will be in the amount of $0.563 per Class "B" Preferred Share, comprised of $0.21 cash and $0.353 in common shares of PWC. The number of common shares to be issued is based on a 5 day volume weighted average trading price of PWC's common shares on the TSX ending December 7, 2010, and will result in .114 common shares per Class "B" Preferred Share, subject to rounding calculations for fractional shares.

The dividend to which this notice relates is payable on December 31, 2010 to Class "B" Preferred Shareholders of record at the close of business on December 17, 2010, and is an eligible dividend for tax purposes.

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.

Investor Relations: Wade MacBain, Director (800) 244-1509, wadem@pwbank.com;

Public Relations & Media: Tel Matrundola, Vice-President, (866) 787-9936, telm@pwbank.com

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

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Pacific & Western Credit Corp.

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