LONDON, ON, Dec. 21 /CNW/ - David R. Taylor, President and Chief Executive Officer of Pacific & Western Credit Corp. (TSX:PWC), wishes to congratulate the Honourable Tom Hockin on his new position with the International Monetary Fund. Mr. Hockin will be retiring today as Chairman of PWC and PWC's wholly-owned subsidiary, Pacific & Western Bank of Canada (the "Bank"). Mr. C. Scott Ritchie, will assume the position as Chairman of both companies.
Tom Hockin stated, "Although Canada's economy contracted materially over the course of 2009 in a period of extreme market and interest rate volatility, I am proud our Bank was able to maintain its strong deposit base and lending performance, combined with unprecedented new capital. I am pleased with this progress as I retire as Chair due to my appointment as an Executive Director of the International Monetary Fund. This appointment prohibits any corporate directorship while serving as Executive Director. I am delighted that Scott Ritchie, Vice Chair, will assume the Chairmanship of PWC and the Bank at this time. Mr. Ritchie is a widely respected and admired corporate director and lawyer with years of service on the PWC and PWB Boards."
David Taylor said, "Although we are certainly pleased for Tom and wish him the best, his presence on our Boards will be greatly missed. Tom's innumerable contributions have been greatly appreciated. We are, however, privileged that Scott Ritchie has agreed to assume the role of Chairman. Scott has been on the Board of PWC since January, 2002 and the Board of the Bank since December 2003, and currently holds the position of Vice Chair of both Boards."
Pacific & Western Credit Corp.'s Common Shares trade on the TSX under the symbol PWC.
Pacific & Western Bank of Canada (PWBank) is wholly owned by Pacific & Western Credit Corp. PWBank, a Schedule I chartered bank, is a branchless financial institution with approximately $1.4 billion in assets. PWBank specializes in providing financing to relatively low risk markets that include government entities including hospitals, school boards, universities and colleges, municipalities, provincial and federal government agencies, and insured residential mortgages.
On behalf of the Board of Directors: David R. Taylor, President & C.E.O.
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SOURCE Pacific & Western Credit Corp.
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