Credit Unions Pour $5.83 Million Into B.C. Communities

Vancouver - June 6, 2000 - British Columbia's credit unions poured millions of charitable dollars into communities across the province last year. The money -- a record total of $5.83 million, up from $5.74 million in 1998 according to an Angus Reid Group survey -- benefited thousands of British Columbians.

Credit unions gave $3.4 million in corporate donations and sponsorships, and another $1.4 million to charitable foundations. Students received more than $380,000 in education bursaries and scholarships. Credit unions provided nearly $700,000 in financial services to non-profit organizations, including waiving nearly $600,000 in service charges on interest-bearing accounts for more than 8,600 community and non-profit organizations. Ninety-eight per cent of credit unions provided donations and sponsorships within their trading areas. Recipients included arts and cultural groups, health-care facilities, charities, non-profit organizations, and sports teams and associations.

Wayne Nygren, President and CEO of Credit Union Central of British Columbia, says that last year's record investment indicates credit unions' enduring commitment to the people of British Columbia.

"Unlike other financial institutions, credit unions have always been leaders in community involvement," says Nygren. "This stems from the fact that credit unions have been community- based and locally owned and operated for more than 60 years. We not only help people buy homes and save for their retirement, but we strive to enhance the well-being of our communities by giving time, expertise or money, wherever we can."

Corporate giving amounts to 4.50 percent of credit unions' pre-tax profits. This far exceeds the one per cent recommended by the Imagine Caring Program, a national initiative of the Canadian Centre for Philanthropy.

Volunteer Time Just as Important

Credit union employees and directors also volunteered countless hours for worthwhile causes. About 84 per cent of B.C.'s credit unions report that their staff volunteer with community organizations during their free time. More than 155 of those organizations have credit union employees serving on their boards.

Known for helping to drive economic development in their communities, credit unions support small business and the self-employed with flexible lending policies. Nearly 60 per cent of credit unions lend exclusively to businesses in their trading areas, reflecting a commitment and concern for local job creation.

The community involvement survey was conducted this year between March 14 and April 7 by the Angus Reid Group. A questionnaire was sent to the chief executives of B.C.'s credit unions. For the 1999 fiscal year, 83 per cent, or 64 credit unions, completed the survey. Results are accurate to within plus or minus 5.1 per cent, 19 times out of 20.

B.C.'s 77 credit unions have more than $22 billion in assets and 1.4 million members. There are 333 branches in 125 communities, including 30 that have no other financial institution. Credit unions provide jobs for more than 7,000 British Columbians.

For more information on this media release, please contact:

Maria Doyle
Director, Marketing & Research
Credit Union Central of B.C.
(604) 730-6455