Feb 23: Vancity Appoints New CEO

Vancouver, February 23, 2000 - Vancouver City Savings Credit Union (Vancity), Canada's largest credit union, today announced the appointment of Dave Mowat as its new Chief Executive Officer.

Chair of Vancity's Board of Directors Coro Strandberg said that the board believes that Mr. Mowat shares the board's priorities for the future and will provide excellent leadership and strong direction in the organization.

The 44-year-old Mowat came to Vancity in 1998 as CEO of Vancity Capital Corporation, with a mandate to generate business growth by providing risk capital to promising enterprises. Since September 1999, he has also been responsible for Vancity's small- and medium-sized business lending activities. He will assume the CEO position effective March 1, 2000.

Mr. Mowat came to Vancity from the Business Development Bank of Canada (BDC), where he was Senior Vice-President with national responsibility for venture capital and subordinated debt. He began working for BDC in 1979, after graduating from UBC in 1978 with a finance degree. With BDC, he was based in Vancouver for 15 years before transferring to Montreal, where he spent five years in various senior executive positions.

Vancity selected Mr. Mowat after a nation-wide recruitment effort to replace Bob Quart, who retired as CEO in December 1999, after nearly 12 years with Vancity.

Mr. Mowat grew up in North Vancouver, attending Argyle Secondary School. He and his wife Sandy have three school-aged children.

He said he is excited by the opportunities ahead, particularly as the organization is embarking on a series of strategic activities designed to enhance services to members, including business members, and to strengthen Vancity's corporate social responsibility programs.

"I came to Vancity originally because it is one of Canada's most innovative and successful financial institutions. I am delighted to be part of an organization that is committed to its communities and to corporate social responsibility and am looking forward to working with board members, employees and members in the days and years ahead."

He said it was no accident that Vancity was recently named one of Canada's 35 Best Companies to work for, following an extensive process involving employee feedback. At Vancity, the calibre and conscientiousness of our people and a strong executive team have created an organization that is a leader in the industry and in Canada.

Strandberg said Mr. Mowat has an outstanding record of business and leadership accomplishments and indepth knowledge of the small business market, an area Vancity will seek to expand over the next few years. We are very aware of the issues surrounding access to capital for small business. Through our commitment to small business initiatives, Vancity can make a contribution to the economic health of the Lower Mainland, she said. In this and in other member services, the board believes Dave will provide the dynamic leadership that will take Vancity to even greater success in the new millennium.

Vancity is Canada's largest credit union with more than $6.4 billion in consolidated assets, 260,000 members and 39 branches in Greater Vancouver, Fraser Valley and Victoria. Vancity owns Citizens Bank of Canada which serves members across Canada from a Vancouver-based service centre. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility.