Pacific & Western’s eTrust of Canada Inc., has been granted regulatory approval for a continuance to operate as a Canadian chartered bank effective August 1, 2002. The new bank will be called Pacific & Western Bank of Canada.

“We are very pleased to receive this approval,” says David Taylor, president & C.E.O. “PWB is the first bank to be established under Bill C-8 which came into force in October, 2001. It is one of only a few domestic banks not associated with another financial institution approved in nearly two decades.”

Pacific & Western intends to expand its model of efficient financing and deposit gathering prototyped under Saskatchewan trust legislation. Granting of the bank charter will allow PWB to operate in all provinces and territories of Canada supporting Pacific & Western’s goal to increase the volume and profitability of its financing transactions.

With federal bank status, PWB intends to continue to specialize in innovative financing for public infrastructure projects including hospitals, schools, municipalities and other public sector entities throughout Canada.

Pacific & Western Bank of Canada will be a federally regulated Canadian chartered bank effective August 1. Its parent, Pacific & Western Credit Corp., is a TSX-listed company whose shares trade under the symbol PWC.