Central 1 President and CEO to Step Down, After Posting Strong Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2013) - Central 1 Credit Union (Central 1) announced today that Don Rolfe, President and Chief Executive Officer, has decided to step down, effective July 31. Mr. Rolfe will continue to serve as the President and CEO to ensure an effective transition of responsibilities until a successor is appointed.

"I'm confident that Central 1 is well positioned for continued success going forward and that we have an excellent executive team in place to work with me and with our board during this transition," said Mr. Rolfe.

Under the direction of Chairman Terry Enns, Central 1's Board of Directors has initiated the process of identifying and selecting a successor to Mr. Rolfe, and will be conducting an extensive national search.

"I'd like to personally thank Don for his strong leadership over the past five years," said Mr. Enns. "We appreciate his steadfastness and commitment through what was clearly a challenging five-year period in world financial markets. Under his stewardship, Central 1 has successfully come through that time with strong financial results and stayed focused on our mission to support the credit union systems in BC and Ontario."

Mr. Rolfe has led Central 1 as President and Chief Executive Officer since 2008. During his tenure, he oversaw the combination of the credit union centrals of B.C. and Ontario which resulted in the creation of Central 1 in 2008. In 2010, in partnership with Co-operators Life Insurance Company, Central 1 acquired The CUMIS Group Ltd.

About Central 1

Central 1 is the central financial facility and trade association for the B.C. and Ontario credit union systems. Central 1 represents a consumer-oriented, full-service retail financial system that serves three million members and holds $86.2 billion in assets and is owned primarily by its member credit unions, 44 in B.C. and 99 in Ontario.

With offices in Vancouver, Mississauga, and Toronto, Central 1 provides a wide range of services such as liquidity management, direct banking, and flexible payment service solutions. For more information, visit www.central1.com.