Pacific & Western Credit Corp. Announces Results of Special Meeting

LONDON, ON, May 31, 2012 /CNW/ - Pacific & Western Credit Corp. (TSX:PWC) is pleased to announce that at the special meeting of common shareholders held on May 30, 2012, a resolution authorizing the reduction of the stated capital account for common shares of PWC passed with 99.7% of votes cast in favour.  Also, an advisory resolution authorizing management to consider the potential of PWC's wholly-owned subsidiary Pacific & Western Bank of Canada (PWB) becoming a reporting issuer passed with 98.4% of votes cast in favour.

David Taylor, President & CEO of PWC and PWB stated that, "I am very pleased with the tremendous support shown by shareholders of PWC, both with respect to the reduction of stated capital, as well as with respect to the first step in the plan for our Schedule I bank PWB to become a reporting issuer.  Should that plan continue to proceed, it will result in the securities of PWB becoming available to the public, helping to increase the visibility and transparency of PWB, and enhancing its ability to raise capital."

Pacific & Western Credit Corp.'s shares trade on the TSX under the symbol PWC.

Investor Relations: Wade MacBain, Director [phone], [email protected];
Public Relations & Media: Tel Matrundola, Vice-President, [phone], [email protected]

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Wade MacBain at [email protected] , [phone]

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