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March 14

Vancity Board announces June departure of CEO

Vancouver, March 14, 2007 -- Elain Duvall, Chair of Vancity's Board of Directors announced today that Dave Mowat, CEO, will be leaving Vancity on June 8, 2007.

Having served Vancity as CEO since 2000, Dave has accepted the position of President and CEO of ATB Financial, a full service financial institution based in Edmonton, Alberta.

"Dave has made a tremendous contribution and provided impressive leadership over the past seven years," Elain explains. "Since Dave joined us, Vancity has become a stronger credit union with improved profitability and member service."

"He understood the Board's vision and its focus on the community and was able to translate that vision into a business strategy that has gained recognition and admiration for Vancity," Elain adds.

During Dave's tenure, Vancity's assets have grown to more than $12 billion, it has provided record payouts -- nearly $14 million in 2006 -- to members and community through its Shared Success program, and continues to be named one of Canada's best places to work.

"It has been a privilege to be part of Vancity. The fierce pride of our employees to be great bankers as well as great neighbours has always been an inspiration to me," explains Dave Mowat. "I will be leaving with the knowledge that Vancity has a strong foundation in its Board, executive and employees, and is well positioned for greater success in the years ahead."

Dave will remain CEO of Vancity until June, and will work with the Board of Directors and Vancity's leadership team to ensure a smooth transition. An executive search is underway.

Vancity is Canada's largest credit union, with $12.3 billion in assets, more than 354,000 members, and 50 branches throughout Greater Vancouver, the Fraser Valley, Victoria 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 improve the quality of life in the communities where we live and work