Highly profitable new line of business develops rapidly for PWBank
LONDON, ON, Sept. 22 /CNW/ - Pacific & Western Bank of Canada (PWBank), a
wholly owned subsidiary of Pacific & Western Credit Corp. (TSX:PWC), has
closed an additional $43.1 million of insured residential mortgages.
This new business is a highly profitable undertaking for PWBank. The move
demonstrates that PWBank is continuing to pursue its corporate strategy of
diversifying and developing its lending assets by capturing a significant part
of the high quality, low-risk Canadian insured residential mortgage market.
David Taylor, President & C.E.O. of PWBank stated, "Pacific & Western's
rapidly growing insured mortgage portfolio is a perfect fit with our
long-established corporate 'low risk, profitable return' approach to lending.
Our Bank is uniquely positioned to capitalize and generate positive earnings
from the profitable insured mortgage market because of our low-cost
administrative structure. Furthermore, PWBank's proven, state-of-the-art
software is well able to handle the increasingly large volumes of insured
PWBank, a Schedule I chartered bank, is a branchless financial
institution with approximately $1.5 billion in assets. PWBank specializes in
providing 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
storefronts, PWBank is one of the most efficiently operating financial
institutions in Canada. These overhead savings translate into very competitive
rates for PWBank's clients.
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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