Central 1 Credit Union

Central 1 Credit Union

November 16, 2011 14:00 ET

Central 1 Credit Union to Redeem Series 1 Subordinated Notes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2011) - Central 1 Credit Union (Central 1) today announced that on December 21, 2011 it will redeem the $50 million outstanding principal of its Series 1 Subordinated Notes (the Notes).

The redemption of the Notes is being made using proceeds from a call for capital from its Class A member credit unions that Central 1 issued on October 31, 2011. The redemption price is approximately $51,130,750, which is equal to the principal amount of the Notes plus accrued and unpaid interest up to, but not including, the redemption date.

The notice of redemption was mailed to the holders of the Notes on November 16, 2011, as required under the terms of the Notes. The Notes are redeemable at Central 1's option at par on December 21, 2011, subject to prior regulatory and board approval.

Inquiries regarding the redemption should be directed to Computershare Trust Company of Canada (the trustee under the indenture governing the Notes) at Computershare Trust Company of Canada, 510 Burrard Street, Vancouver, B.C., V6C 3B9, Attention: Corporate Trust Department.

About Central 1

Central 1 Credit Union has 45 Class A members in B.C. and 113 Class A members in Ontario. At year-end 2010, their combined assets amounted to $72.6 billion.

Central 1 is the central financial facility and trade association for the B.C. and Ontario credit union systems, providing liquidity management, payments, Internet banking and trade association services to member credit unions, and banking and transaction services to customers in the corporate and public sectors. For more information, visit www.central1.com.

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