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Squamish Credit Union members say YES

Squamish Credit Union members say YES to merger with Vancity

Approval paves way for unique approach to mergers

Squamish and Vancouver, November 4, 2005 – A packed crowd of Squamish members have voted in favour of a Partnership Growth Model merger with Vancity. Squamish will operate as an independent business unit within Vancity. No jobs will be lost as a result of this merger, and in fact it is expected to be the catalyst for substantial growth.

The final results of the member vote, taken at a special meeting on Thursday, November 3, had 87 per cent of voting members supporting the merger.

“I applaud our members’ decision to lead the credit union in this exciting new direction,” says Squamish CEO Bill Brumpton. “This will allow us to expand our product and service offering without losing our connection to the community. It will also create new opportunities for staff.”

Squamish will retain its brand, as well as a management team and elected Partner Board that will continue to make decisions about how they operate in the community. Vancity will provide core banking services, including accounting, treasury, foreign exchange and IT.

Squamish members will enjoy dual membership, with all the privileges of Vancity members and a special say in decisions affecting the Squamish operation.

“Partnering with Squamish allows us to grow into a market that is poised for explosive growth over the coming years, ” says Vancity CEO Dave Mowat. “We're thrilled to be pairing our resources with Squamish's 60-plus years of expertise and history within this community."

The merger will take legal effect on December 31, 2005. Over the coming months, Vancity and Squamish will work together to create a comfortable transition for members and employees. By late-Spring 2006, Squamish members will be able to bank at any Vancity branch, while Vancity members will have access to similar service in Squamish.

"We're excited to be embarking on this exciting journey with Squamish,” says Vancity Board Chair Elain Duvall. “Together, we'll ensure that a local credit union option thrives in this community as a vibrant alternative to the big banks."

Vancity is Canada’s largest credit union, with $10.5 billion in assets, more than 315,000 members, and 47 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.

Squamish Credit Union is a full-service credit union celebrating 61 years of serving the Squamish community. Squamish has two branches serving more than 7,000 members and $62 million in assets. Squamish’s mission is to enhance the financial well-being of its members.