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December 12

Greater Victoria Savings members give thumbs up to merger with Vancity

Victoria, December 12, 2007 – Greater Victoria Savings Credit Union members have voted in favour of a merger with Vancity. The 'yes vote' will create an expanded branch network in Victoria for members of both credit unions, including Vancity’s first insurance offices on the Island.

The final results of the member vote, which took place at a Special General Meeting on December 6, 2007, showed 92 per cent of members voting in support of the merger.

A hallmark of the merger agreement is the creation of a legacy fund, which will be used to carry on Greater Victoria Savings’ tradition of community support. The fund will be administered by members of the credit union’s Board.

"Vancity offers the best of both worlds: the resources of a large institution and the personal service and community involvement of a local institution," says Greater Victoria Savings Board President Daniel von Kanel. "I applaud our members' decision to lead the credit union in this new direction. We’re confident that our members, employees, and Island communities will be well served by this merger."

Under the terms of the Asset Transfer Agreement, the merger takes effect on February 1, 2008, the date that Greater Victoria Savings Credit Union intends to officially transfer its assets to Vancity. Over the coming months, Vancity and Greater Victoria Savings will work together to create a comfortable transition for members and employees.

Once the transition is complete – a process that will take some months – Greater Victoria Savings branches will be transformed into Vancity branches, offering the full range of Vancity products and services to members of both organizations. Members will also have access to Vancity’s 24-hour telephone and internet banking.

"Greater Victoria Savings can be proud of its rich history," says Vancity CEO Tamara Vrooman. "We’re honoured by the faith their members have shown in us to build on their Island legacy."

Founded in 1940, Greater Victoria Savings Credit Union is the oldest Victoria-based credit union, with more than $66 million in assets, 5,100 members and four branches throughout Victoria. Greater Victoria Savings is the result of 16 mergers over its 67-year history.

Vancity is Canada's largest credit union, with $12.3 billion in assets, 386,000 members, and 58 branches throughout Victoria, Greater Vancouver, the Fraser Valley, and Squamish. 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 improving the quality of life in the communities where we live and work.