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July 10, 2006
Capital City Savings announces shared branch agreement with Apex Credit Union
(Edmonton, Alberta) - Capital City Savings and Credit Union Limited and Apex Credit Union Ltd. announced an innovative new shared branch agreement. Apex Credit Union will provide teller services to Capital City Savings members in Calgary and Capital City Savings Personal Bankers will be housed in some Apex branches to provide lending and investment services.
"Shared branches are a unique arrangement within the Alberta credit union system that will enable us to provide services to our 2,400 Calgary members without incurring high capital costs," explained Harry Buddle, President and CEO of Capital City Savings. "In return, we will provide Apex with an additional source of revenue and access to our banking platform."
"We are pleased to create this innovative collaborative arrangement with Capital City Savings, stated Darren Keast, CEO of Apex Credit Union. "This is an excellent example of the kind of co-operative thinking that will keep credit unions at the forefront of financial services to Albertans."
Capital City Savings and Apex will begin limited shared branch operations in November 2006. Apex Credit Union will adopt the Capital City Savings banking system in May 2007, after which full branch services will be available to Capital City Savings members in Calgary. Capital City Savings will pay Apex a fee for every teller transaction. Signage will be shared, with the Apex name more prominent. Other terms of the contract were not disclosed.
Capital City Savings and Credit Union Limited offers a complete line of personal and business banking services and products, including investments, trust and insurance services. Capital City Savings will formally amalgamate with Servus Credit Union and SAFECU Credit Union on November 1, 2006. The new credit union will assume the name of Servus Credit Union. Servus Credit Union will be the largest credit union in Alberta with $3 billion in assets and 181,000 members. Approximately 800 employees will provide members with financial services through a network of 49 locations serving 27 Alberta communities. Capital City Savings has been named one of Canada's 50 Best Managed Companies since 2003. The credit union actively supports community activities where members and employees live and work. For more information, call 496-2000, toll free 1-877-496-2151, or visit www.capitalcitysavings.ca.
Apex Credit Union Ltd. provides personal and business banking services to 4,400 members throughout the City of Calgary through four full service branches and a financial planning subsidiary, AcuPlan Financial Planning Services Ltd. Apex Credit Union was the recipient of two Awards of Excellence for highest asset growth and best marketing campaign in 2005. Apex actively supports the branch communities in which we are located through the provision of more than 25% of net income to these community groups. For more information, please contact Darren Keast at 974-8640, or visit www.ffessmcotedazur.com
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