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Mar 25: Vancity Shares Record Profits

Vancity Credit Union Shares Record Profits with Region

Vancouver, March 25, 2003 - Vancity Credit Union is sharing 30 per cent of its record 2002 net earnings with its communities and members this year, including non-profit organizations and residents in the region.

Under its Shared Success program, each year Vancity gives back a percentage of its profits to its members and communities. Based on its record earnings for 2002, $7.2 million is being shared this month with members through a payout of relationship rebates and dividends. Community organizations will also benefit by receiving $4.7 million this year. That is $1.7 million more - a 56 per cent increase - than was shared with communities the prior year.

"Vancity's record earnings and our jump in membership have given us the chance to give more than ever to our communities," says Bruce Ralston, Chair of Vancity's Board of Directors.

This banner payout to non-profit groups continues Vancity's rich, long-standing tradition of support for the community. Each year, Vancity invests in the health and vitality of the communities it serves through grassroots activities, staff involvement and financial support for community programs.

This includes the $1-million Vancity Award available to non-profits to support bold and innovative projects that will have a lasting impact on the communities Vancity serves. Applications are now being accepted for the third year of this annual program. For more information, please visit

In addition to this award, last year Vancity also provided 150 youth and community partnership grants to a wide range of organizations in the areas of social justice, environmental sustainability and economic self-reliance.

Foundation that funds, facilitates and carries out charitable activities and programs in the areas of affordable housing, employment development and non-profit enterprise.

Vancity employees are also highly involved in community investing. Each year, staff members raise funds for a charity. Last year, Vancity staff members raised $85,000 for Family Services of Greater Vancouver, a non-profit organization dedicated to helping people who are experiencing challenges in their lives, through counselling, consultation, education and other supportive programs. This year, Vancity employees hope to raise a similar amount for another deserving organization.

Vancity is Canada’s largest credit union, with $9.3 billion in assets, 305,000 members, and 41 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity was chosen as the best place to work in Canada for 2005 by Maclean’s Magazine as part of its annual Canada’s Top 100 Employers issue. 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.