Credit Union Central of New Brunswick

    RIVERVIEW, NB, March 29 /CNW/ - The head of New Brunswick's Anglophone
Credit Union system says the situation of la Caisse populaire de Shippagan is
an unusual case and not a reflection of the credit union system as a whole.
    Gerard Adams, President and Chief Executive Officer of Credit Union
Central of New Brunswick, said "The credit union movement in New Brunswick is
80,000 member-owners strong. A unique set of circumstances has led to the
situation with the Caisse populaire de Shippagan and the need for financial
intervention from the provincial government. However, the Caisse populaire de
Shippagan resolution will not have a negative effect on either the Credit
Union Central or its 19 owner Credit Unions.
    He added, "We are pleased that after a period of uncertainty the
situation with Shippagan has been resolved. The move to the Acadian Federation
has certain cultural and linguistic advantages, and we believe it will be to
the benefit of the co-operative movement as a whole in the province of New
Brunswick. Our 19 Credit Unions and 40 branch locations form a vibrant network
of financial institutions as part of the national Credit Union system. This
network comprises 498 credit unions and 1,783 branch locations with more than
$95 billion in assets, of which $750 Million is held in New Brunswick Credit
    "Our member-owners demand the same high degree of credit union
professionalism and service that they have for the past 70 years. They can
continue to feel secure with respect to the management of their financial

    Credit Union Central is the trade organization that represents the Credit
Unions of New Brunswick.

For further information:

For further information: please contact: Gerard Adams, President and
Chief Executive Officer, (506) 857-8184, ext. 126

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