Pacific & Western Credit Corp. announce today that it has created a new subsidiary called VersaBanq Innovations Inc. VersaBanq develops, markets, sells and implements software for financial institutions, particularly banks.

The software provides for the effective management of loans, deposits and leasing portfolios.

Avery Pennarun has joined VersaBanq as its director, Software Development.

Pennarun brings with him a number of years of senior software development and management expertise, including the creation of innovative software solutions. He holds a B.A.Sc., Computer Engineering from the University of Waterloo,.

David Taylor, president & CEO of Pacific & Western stated that, “VersaBanq’s Basel II compliant software should prove attractive to any financial institution challenged to become Basel II compliant. We are very pleased that Mr. Pennarun has agreed to use his expertise to lead the VersaBanq team.”