Apr 13: Vancity Shares 29% of Net Profits...
Vancity Shares 29 Per Cent of Net Profits with Members and Community
Vancouver, April 13, 2000 - Vancouver City Savings Credit Union officially celebrated Shared Success Day on Friday, April 14 to acknowledge the distribution of 29 per cent of the credit union's 1999 net profits among its members and the communities it serves in the Lower Mainland, Fraser Valley and Victoria.
For 1999, $5.1 million has been returned to Vancity members through a combination of a five per cent dividend on their membership shares, a one per cent bonus on deposit interest earned during the year, and a one-half per cent rebate on loan interest paid.
As well, Vancity continued its long tradition of active support for community development and environmental initiatives in 1999 with donations of $1.7 million distributed through the Vancity Community Foundation, the Community Partnership Program, and the Vancity VISA EnviroFund. In total, the Shared Success program returned $6.8 million to members and communities in 1999.
"The Shared Success program differentiates Vancity from other financial institutions," says Vancity CEO Dave Mowat. "It is a difference that is reflected in the way we treat our members and in the commitment we demonstrate to the communities in which we operate."
The Shared Success program also gives Vancity members an opportunity to donate their dividends to support community projects. Since interest rebates and bonuses were added in 1994, approximately $45 million in Shared Success dividends and community donations have been distributed.
Vancity is Canada's largest credit union with more than $6.4 billion in assets, 262,000 members, and 39 branches.Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM and on the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility.