Vancity Board announces June departure of CEO

    VANCOUVER, March 14 /CNW/ - Elain Duvall, Chair of Vancity's Board of
Directors announced today that Dave Mowat, CEO, will be leaving Vancity on
June 8, 2007.
    Having served Vancity as CEO since 2000, Dave has accepted the position
of President and CEO of ATB Financial, a full service financial institution
based in Edmonton, Alberta.
    "Dave has made a tremendous contribution and provided impressive
leadership over the past seven years," Elain explains. "Since Dave joined us,
Vancity has become a stronger credit union with improved profitability and
member service."
    "He understood the Board's vision and its focus on the community and was
able to translate that vision into a business strategy that has gained
recognition and admiration for Vancity," Elain adds.
    During Dave's tenure, Vancity's assets have grown to more than
$12 billion, it has provided record payouts - nearly $14 million in 2006 - to
members and community through its Shared Success program, and continues to be
named one of Canada's best places to work.
    "It has been a privilege to be part of Vancity. The fierce pride of our
employees to be great bankers as well as great neighbours has always been an
inspiration to me," explains Dave Mowat. "I will be leaving with the knowledge
that Vancity has a strong foundation in its Board, executive and employees,
and is well positioned for greater success in the years ahead."
    Dave will remain CEO of Vancity until June, and will work with the Board
of Directors and Vancity's leadership team to ensure a smooth transition. An
executive search is underway.

    Vancity is Canada's largest credit union, with $12.3 billion in assets,
more than 354,000 members, and 50 branches throughout Greater Vancouver, the
Fraser Valley, Victoria and Squamish. Vancity owns Citizens Bank of Canada,
serving members across the country by telephone, ATM, and the Internet. Both
Vancity and Citizens Bank are guided by a commitment to corporate social
responsibility, and to improve the quality of life in the communities where we
live and work.

For further information:

For further information: Media contact: Sara Holland, Vancity Media
Relations, (604) 877-7680

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