Pacific Western Bank of Canada, a wholly owned subsidiary of Pacific Western Credit Corp., closed an additional $43.1 million of insured residential mortgages on Monday.
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.
Pacific Western’s rapidly growing insured mortgage portfolio is a perfect fit with our long-established corporate ‘low risk, profitable return’ approach to lending,” said David Taylor, President C.E.O. of PWBank. “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 mortgage transactions.”
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.
Pacific & Western Bank closes another $43.1 Million of insured residential mortgages
This move brings the bank’s total insured mortgages to $169 million
- By: IE Staff
- September 22, 2008 September 22, 2008
- 15:42