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Mar 20: Award To Invest $1 Million Annually...

Vancity Award To Invest $1 Million Annually In Community

Vancouver, March 20, 2001 - Vancouver City Savings Credit Union has created The Vancity Award, a $1-million annual award to support bold and innovative projects in the communities Vancity serves, Board of Directors Chair Greg McDade announced today on behalf of Vancity's board, staff and members.

"Vancity has a long history of giving back to our community, but this is the first time we have made a single gift of this size--one that will create a legacy and make a profound difference in the lives of those in Greater Vancouver, the Fraser Valley and Victoria," said McDade.

The Vancity Award will invest $1 million each year in a community project sponsored by a non-profit organization that supports the social, environmental, or economic well-being of the community. Funding may go towards development, capital, operational, or endowment needs. The project will be selected by Vancity members from among a number of short-listed projects.

The Vancity Award builds on Vancity's extensive community awards and funding programs, including the Community Partnership Program, the Vancity Community Foundation, and the EnviroFundTM, which recognize and support organizations which are making a difference in the community. In 2000, Vancity shared 29 per cent, or $6 million, of net profits with our members and the community.

"Vancity members have told us that they want us to be more than a financial institution," said CEO Dave Mowat. "They want us to make a difference in our communities. The Vancity Award is a million-dollar opportunity to work with community partners to do just that."

Vancity is Canada's largest credit union, with $6.9 billion in assets, 266,000 members, and 39 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to improve the quality of life in the communities where we live and work.