Pacific & Western Credit Corp. purchases an additional $30 million of its Banks common equity

Mar 11, 2013, 10:55 ET from Pacific & Western Credit Corp.

LONDON, ON, March 11, 2013 /CNW/ - On March 8, 2013, Pacific & Western Credit Corp. (TSX:PWC) purchased an additional $30 million of Pacific & Western Bank of Canada's common shares. This increased the Bank's common equity tier one (CET1) percentage to approximately 10.4%, one of the highest capital ratios in the Canadian banking industry.

David Taylor, President & CEO of PWC said, "This year one of our important goals was to increase our Bank's key capital ratio, so that it could continue to grow profitably in its niche markets.  With the favourable outcome of our Series C note holder vote on March 7, 2013 we were able to make significant progress in this area."

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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SOURCE Pacific & Western Credit Corp.