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Vancity and Van Tel/Safeway talk merger

Vancity and Van Tel/Safeway talk merger

Vancouver, June 2, 2006 – Vancity Credit Union and Van Tel/Safeway announced today that they are entering into formal merger discussions.

The merger offers exciting opportunities for both credit unions. For Vancity, it means expanding their presence across the Lower Mainland and in Victoria, as well as capitalizing on Van Tel/Safeway’s relationship with its unique closed bond. For Van Tel/Safeway, it means delivering a broader range of products and services through an expanded branch, telephone and online banking network.

“We’re very excited to be entering into talks with Van Tel/Safeway,” says Vancity CEO Dave Mowat. “They have played a pivotal role in serving the employees of some of BC's most prominent employers, and their values complement our own commitment to members, employees and communities.

Van Tel/Safeway plans to bring the merger to a vote of its membership in the Fall. The organizations have entered the due diligence phase; in the coming months, they’ll be sharing information and developing plans for bringing their organizations together in a way that is as comfortable as possible for their members and employees. The merger discussions will also include exploring opportunities to honour Van Tel/Safeway's bond.

“Together, Van Tel/Safeway and Vancity have more than 125 years of service to our members and communities,” says Van Tel/Safeway CEO Nancy Mathers. “We look forward to joining forces to continue to offer our members great products and services, while celebrating our history as a proud employer-based credit union.”

Vancity is Canada’s largest credit union, with $11.8 billion in assets, 335,000 members, and 46 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.

Van Tel/Safeway is BC's strongest employer-based credit union, with more than $300 million in assets, 18,000 members and seven branches throughout the Lower Mainland and Victoria. Van Tel/Safeway's unique bond serves the employees and families of Telus, Safeway, Scott Paper, and the Pacific Newspaper Group. Last year, two of Van Tel/Safeway's founding credit unions – Van Tel and Scott Paper – celebrated their 65th anniversaries.