PACIFIC & WESTERN CREDIT CORP. ANNOUNCES PRIVATE PLACEMENT CLOSING OF SHORT TERM NOTES
LONDON, ON, Nov. 10, 2010 (Canada NewsWire via COMTEX) --
Pacific & Western Credit Corp. (TSX:PWC) is pleased to announce that it completed a private placement closing of a $3 million short term note to 340268 Ontario Limited ("340268") on November 8, 2010. 340268 is a long time supporter of Pacific & Western, and 340268's President Pat George stated that, "I am pleased to further invest in Pacific & Western, and I continue to believe it has a very positive future." Proceeds of the closing will be used for working capital purposes in PWC and to provide additional regulatory capital to PWC's wholly-owned subsidiary, Pacific & Western Bank of Canada (PWBank), to provide for PWBank's growth.
Pacific & Western Bank of Canada is wholly owned by Pacific & Western Credit Corp. PWBank, a Canadian Schedule I chartered bank, is a branchless financial institution. It specializes in providing financing throughout Canada to well established corporations and government entities, including hospitals, school boards, universities and colleges, municipalities, provinces and territories, and federal government agencies.
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SOURCE: Pacific & Western Credit Corp.
Please visit our website at: http://www.pwbank.comBack