Vancouver City Savings Credit Union

Vancouver City Savings Credit Union

July 08, 2010 11:00 ET

Vancity Believes We Can All Be Wealthy

New Accountability Report From One of Canada's Top Three Corporate Citizens

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2010) - On the heels of being recognized among the top three Best Corporate Citizens in Canada*, all three of which were co-operatives, Vancity has released its seventh accountability report – We can all be wealthy. The report demonstrates the ongoing commitment of the credit union to building the economic, social and environmental prosperity of its members and communities.

The 2008-2009 Accountability Report provides an integrated look at the credit union's social and environmental performance. The report's use is two-fold: it enables members to see the complete picture of Vancity and judge for themselves how the credit union is performing, while holding Vancity accountable to its commitments and helping to inform the organization's strategies long-term.

"By choosing to do business with a financial co-operative, members not only contribute to their own financial success, but to making a positive impact in their community," says Tamara Vrooman, President & CEO, Vancity. "That's what this report demonstrates. We're owned by our members, who have a say in the way our organization is run and a vested interest in how we do things, and we're accountable to them to deliver positive financial, social and environmental returns."

Here is a snapshot of some noteworthy performance results:

  • 2009 net income of $53.8 million is the second-highest in the credit union's history; Vancity is in a healthy capital position, and membership continues to grow.
  • Met retail member loyalty targets in 2008 and 2009—continually improving members' experience when they bank with Vancity remains a key part of the credit union's business plan.
  • Achieved the goal of becoming carbon neutral in 2008.
  • Vancity's Community Leadership efforts achieved significant social impacts such as increasing loans to social enterprises by 85 per cent, increasing loans to not-for-profit organizations by 95 per cent and distributing 30 per cent of net profits to its members and communities through its Shared Success program.

Vancity has regularly been recognized for its high standard of accountability reporting and is an international leader in this area. The report is externally verified and meets the Global Reporting Initiative voluntary report content standard of level A+. To view the 2008-2009 Accountability Report, visit vancity.com/accountability09.

About Vancouver City Savings Credit Union
 
Vancity is Canada's largest credit union, with $14.4 billion in assets, more than 414,000 members, and 59 branches throughout Metro Vancouver, the Fraser Valley, Victoria and Squamish. Vancity is guided by a commitment to improving the quality of life in the communities where we live and work.

*As ranked by Corporate Knights magazine, Summer 2010 Issue 32

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