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June 30 2006 Media Release

Vancity talks partnership merger with Quadra Credit Union

Vancouver and Quadra Island, June 30, 2006 – Vancity has signed a Memorandum of Understanding to enter merger discussions with Quadra Credit Union.

The credit unions are considering an innovative partnership approach to mergers. As part of the merger agreement, Quadra would operate as an independent business unit "within" Vancity. Quadra would retain its brand name and presence in the community, as well as a locally-elected partnership board and a management team that would continue to set the direction for the Quadra division.

"We're very pleased to be exploring this exciting opportunity with Vancity," says Steven Halliday, Quadra -’s General Manager. "Vancity has a reputation for being a very progressive credit union, and are well regarded as both a great employer and a community supporter. We see this as a great way to offer a wider range of competitively-priced products and services to our members while remaining true to our roots as a community-focused financial co-operative."

The credit unions are in the earliest phase of discussions. They will now undertake due diligence and work together to develop a merger proposal to take to Quadra's members later this year.

"Quadra can be justly proud of its history of serving this very unique community," says Vancity CEO Dave Mowat. "We look forward to exploring further how our organizations can partner together to build on its success."

Quadra Credit Union is a full-service credit union celebrating 65 years of service to the Discovery Islands. Quadra has two branches serving 3,500 members and $28 million in assets. Quadra's mission is to be a community co-operative providing equitable financial service to its members.

Vancity is Canada’s largest credit union, with $11.8 billion in assets, more than 335,000 members, and 46 branches throughout Greater Vancouver, the Fraser Valley and Victoria, as well as two Squamish Savings branches. This year, Vancity was named the Best Place to Work in Canada by Canadian Business Magazine. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet.