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Jun 8: Village members give unanimous thumbs up to merger

Village Credit Union members give unanimous thumbs up to merger with Vancity

Vancity to honour Village’s unique French-Canadian heritage

Coquitlam and Vancouver, June 8, 2005 – Village members have voted unanimously in favour of a merger with Vancity. For members of both credit unions, the ‘yes vote’ will create an expanded branch network in the Tri-Cities area, as well as a renewed celebration of Village’s French heritage. No jobs will be lost as a result of the merger.

The final results of the member vote, taken at a special meeting on Tuesday, June 7, had 100 per cent of voting members supporting the merger.

“I applaud our members’ decision to lead the credit union in this new direction,” says Village CEO Ian Cornish. “We’re confident that our members, employees and communities will be well served by this merger.”

“Village’s presence in the Tri-Cities and Chilliwack areas complements our existing branch network, and their strong sense of community and commitment to member service echo our own approach,” says Vancity CEO Dave Mowat. “Together, we’ll take our products and services in the region to a whole new level.”

A hallmark of the merger agreement is the creation of a Maillardville Advisory Committee. Comprising members of Village and Vancity’s Boards, as well as members of the community, the Committee’s mandate is to carry on Village’s work as an active part of the largest French-Canadian community west of the Rockies.

“With the creation of the Advisory Committee, Vancity is helping to ensure that Village’s roots in the French-Canadian community of Maillardville are never lost,” says Al Boire, Chair of Village’s Board of Directors.

Vancity will also renovate the flagship Maillardville branch to celebrate the community, a strategy it has applied successfully to its Lynn Creek, White Rock and Victoria branches.

The merger is expected to become effective on July 1, 2005, the date that Village Credit Union intends to officially transfer its assets to Vancity. Over the coming months, Vancity and Village will work together to create a comfortable transition for members and employees. By late Fall, Village branches will be transformed into Vancity branches, offering full service to members of both organizations. Members will also have access to Vancity’s 24-hour telephone service banking and online banking in both English and French.

For the past few months, we’ve had the pleasure of hearing from Village staff and members: their stories, their hopes and their concerns about this merger,” says Vancity Board Chair Elain Duvall. “We’re excited to be writing this next chapter together.”

Vancity is Canada’s largest credit union, with $10.5 billion in assets, more than 300,000 members, and 42 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. The Globe and Mail Report on Business magazine has ranked Citizens Bank #1 among banks in Canada in their second annual Corporate Social Responsibility survey. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to helping members and communities thrive and prosper.

From its first days as La Caisse Populaire Notre Dame de Lourdes Credit Union, catering solely to the French-speaking community of Maillardville, Village has grown to serve 9,500 members in Maillardville, Port Coquitlam, Port Moody and Chilliwack. Village’s mission is to build better futures and is committed to serving members from all walks of life.