• New credit union positioned to thrive in today's economy: Servus delivers greater member convenience through province-wide network
• Alberta's largest credit union confirms head office location and name
• Garth Warner appointed Acting CEO of Servus Credit Union
• Chair and Chief Executive Officer chosen to lead Alberta's province-wide credit union
• Merger will establish the first province-wide credit union in Canada
• First step towards a province-wide Alberta credit union
• Alberta credit unions propose province-wide service

"The Board of Directors of what will soon be Alberta's largest credit union decided to adopt the name Servus Credit Union, establish a head office in Edmonton, and introduce a regionalized administration strategy that reflects our service commitment," confirmed William J. (Bill) Anhorn, Chair of the Board of Directors of the new credit union. "These decisions are suited to the growth-oriented credit union we're building for the future, while balancing our desire to introduce province-wide service following our November 1, 2008 amalgamation."

The Board considered several options for the name of the new credit union including the names of each of the existing partner credit unions and a completely new name. Each existing brand has its strength in each of its operating markets, however, the Servus brand was freshly established only 18 months ago, is recognized in a significant urban market, and has existing trademark protection. Each partner credit union will continue to operate with their existing names until October 31, 2008. Following that date and subject to regulatory approval, all three credit unions will operate under the name of Servus Credit Union Ltd. A transition plan for branch signage throughout the network is being developed.

The Edmonton head office location was made in the context of a regionalized administrative structure. Significant analysis was completed to evaluate the attributes of each of the current head office communities. Deciding factors for Edmonton were its central location and ease of access to the province-wide network of branches, its suitability for attracting and retaining employees, and its proximity to professional services and government.

The Edmonton head office, to be housed in the former Dell Building in the south end of the City, will be complemented by a Board endorsed strategy that commits to keeping the majority of employees in their current locations through a network of Regional Offices and Centres of Excellence.

"Being a credit union matters," adds Steve Blakely, President and Chief Executive Officer, "And as with any local credit union, we will continue to have senior personnel with local autonomy and decision-making authority located throughout our communities and not just in head office." This strategy will be fully developed over the coming year.

Alberta's first province-wide credit union is being created through the merger of Common Wealth, Community and Servus. When it begins operating on November 1, 2008, its 2000 employees will serve 400,000 members in 64 communities through its 94 locations. Combined assets immediately following the merger will exceed $9 billion, making it the third largest credit union in Canada.

Media inquiries should be directed to: Gail Stepanik-Keber, Servus 780.638.8011 or 780.913.7629

Interviews available 9 AM – 12 noon, Wednesday, June 11, 2008

1. What is the name of the new credit union?

The new credit union will be called Servus Credit Union Ltd.

2. What options did the Board consider?

The Board carefully reviewed and considered each of the names of the existing partner credit unions and they also considered developing a completely new name.

3. What were the criteria that the Board used to select a name?

The Board considered very broad criteria in selecting the name. Outside of the issues of legally protecting the name itself and the website domains, Servus Credit Union was chosen as being distinct, simply pronounced, easily spelled and consciously recalled by both members and non-members alike. By choosing an existing name, the Board recognized the potential savings as well as the amount of time that would otherwise be required to re-brand an organization of our size. The Servus name includes the words "Credit Union" which is an important statement to both our members and the larger credit union system about our guiding principles and our commitment to the credit union way of banking. The new Servus brand is also relatively new in its design and is easily adaptable for a province wide credit union.

4. Will we immediately change our name?

Each partner credit union will continue to operate with their existing names in the short term. By November 1, 2008, all three credit unions will begin operating under the legal name of Servus Credit Union Ltd. for the purpose of legal agreements, such as loan documents and other contracts. Not all branch signage will reflect the new name on November 1.

5. What will happen next?

Effective immediately, we will move forward to obtain regulatory approval for the new name.

6. Where will the Head Office be located?

The Head Office, including the executive leadership team, will be located in Edmonton with a network of Regional Offices and Centres of Excellence.

7. What locations were considered?

The Board carefully considered Edmonton, Red Deer and Lloydminster for the new Head Office.

8. What decision criteria did the Board use to determine the location of the physical head office?

The Board considered several factors in their decision regarding a Head Office Strategy. In their considerations, the Board consciously looked at the requirements 10 to 20 years from now as we are only just launching our new credit union. Most importantly, the Board considered the ability to retain, attract and develop talented employees as the most critical factor in the location decision. Detailed data including economic costs, strategic location and proximity to government and business partners was also compiled as part of the review.

9. Which departments will be located within the Head Office?

The decision to locate departments in either the Head Office or Regional Offices has not been made.

10. Which departments will be located in the Regional Offices and Centres of Excellence?

The transition strategy underway will determine the next steps in defining the services delivered through the Regional Offices and Centres of Excellence. All of our communities may be considered as possible Centres of Excellence.

May 9, 2008

(Edmonton, Alberta) – Steve Blakely, President and Chief Executive Officer of Servus Credit Union, is pleased to announce the appointment of Garth Warner as Acting Chief Executive Officer of Servus effective May 1, 2008.

Mr. Warner will take over Mr. Blakely's key responsibilities so that he can focus on his new appointment as President and Chief Executive Officer of the new credit union to be formed November 1, 2008 by the amalgamation of Servus Credit Union, Common Wealth Credit Union and Community Savings. Mr. Warner will assume responsibility for the day-to-day operations of Servus Credit Union, enabling Mr. Blakely to focus on successfully combining the three credit unions.

Mr. Warner began his career with Servus as a personal banker 27 years ago and since then has held various positions of increasing responsibility, including his most recent role as Senior Vice President of Operations. Mr. Warner has completed his MBA program and has tremendous knowledge of the financial services industry and a very deep understanding of the credit union system. His leadership style has produced outstanding results for Servus for many years.

Servus Credit Union Ltd. embraces the strength of 86 predecessor credit unions, including the first one incorporated in Alberta in 1938. Servus Credit Union is owned by 197,000 members in 27 communities spanning Alberta. The financial knowledge of approximately 900 Servus employees in 50 locations helps member-owners enjoy richer lives. Superior personal service makes member-owners feel at home and creates a comfortable banking experience for them. Servus Credit Union cares about Alberta and helps create better communities for everyone. Servus Credit Union has earned the right to call itself one of Canada's 50 Best Managed Companies since 2003 by focusing on strategy, delivery capability and commitment to its people. On November 1, 2008 Servus Credit Union will amalgamate with Community Savings and Common Wealth Credit Union to create Alberta's first province-wide credit union. For more information, call 496-2000, toll free 1-877-496-2151, or visit http://www.servuscu.ca/

April 8, 2008

Edmonton, Alberta – The Board of Directors of the credit union, formed by Community Savings, Common Wealth and Servus Credit Union, chose the Chair of the Board as well as the President and Chief Executive Officer at their first Board meeting April 5 and 6. The new credit union will commence operations November 1, 2008 with approximately $9 billion in assets and will serve Alberta members from border to border.

The Board met over the weekend and reached alignment on the governance philosophy of the amalgamated credit union. The key officers were elected in order to move the integration process forward. Effective immediately, William J. (Bill) Anhorn of Medicine Hat is Chair and Doug Hastings of Lloydminster is Vice Chair for the amalgamated credit union. The Board members, four from each of the founding credit unions, are: Bill Anhorn, Terry Cooper, Rene Dumas, Peter Elzinga, Peter Galloway, Doug Hastings, Merv Loewen, Stan Odut, Bob Porozni, Penny Reeves, Lloyd Robinson, and Alison Starke.

The Board with the assistance of an independent consultant conducted an accelerated selection and interview process with the three CEOs of Community Savings, Common Wealth and Servus. The Board of Directors made their final selection on Sunday. Steve Blakely, currently President and CEO of Servus Credit Union has been appointed to lead the new credit union effective May 1, 2008. Murray Haubrich, Community Savings, and Jeff Mulligan, Common Wealth, will continue to lead their respective credit unions while transitioning into the new credit union.

"It is particularly difficult to choose a CEO in circumstances where we have three proven and effective leaders who bring unique strengths to their credit unions. However, it was imperative that we moved quickly to choose a new leader. All three CEOs have shown such commitment to the credit union vision and were all qualified to bring these three organizations together," stated Bill Anhorn, the Chair of the amalgamated credit union.

The board will continue to meet on a timely basis. Existing priorities include establishing a head office strategy and determining a name for the credit union. The directors will undertake a name selection and branding strategy review prior to registering the Articles of Incorporation November 1, 2008.

The new credit union will be the third largest in Canada. It will employ 1925 employees and serve approximately 400,000 members in 63 Alberta communities through 92 locations. At fiscal year end of October 31, 2007, the combined credit union assets totalled $8.58 billion with $93 million in income prior to profit sharing and taxes. The members of the three credit unions received $33 million in cash and dividends as a result of 2007 results.

• Board of Directors Biographies
• New President and CEO Biography

March 19, 2008

November 1, 2008 amalgamation to create Canada's 3rd largest credit union

The members of Community Savings, Common Wealth and Servus Credit Unions voted in favour of an amalgamation of the three entities at their respective meetings. The new credit union will commence operations November 1, 2008 with approximately $9 billion in assets and will serve Alberta members from border to border.

The amalgamation resolution was voted on by the membership of each credit union. The results were 92% in favour at Servus Credit Union's annual meeting in Edmonton March 12, 99% in favour at Common Wealth's annual meeting in Lloydminster March 13, and 99% in favour at Community Saving's special general meeting in Red Deer March 18.

The new Board of Directors made a statement following the final positive vote. "We are ecstatic that our vision has been enthusiastically endorsed by our members. This is history in the making as creating a province-wide credit union will increase the relevance and uniqueness that a credit union offers to Albertans both today and in the future."

By voting yes to this recommendation, the members of the three founding credit unions have signaled their desire for greater connectivity and broader geographic access, as well as their appreciation of the superior service for which credit unions are known.

The new Board adds, "These key service attributes along with a vision of a broader range of product offerings and service channels and our 100% deposit guarantee will give the new credit union a strong advantage as it takes its place among the most competitive financial services providers in the province."

The approach taken to achieve the merger was unprecedented.

• It is a merger of "equals of different sizes". Each brings different strengths to the table and this has been recognized by appointing an equal number of directors from each of the founding credit unions.
• The merger process has been defined by a broad vision and common beliefs, and not by functional details.
• It is unusual to have more than two large credit unions come together at the same time. Servus, Common Wealth and Community are three of the four largest credit unions in Alberta, and are among the largest in Canada.
• And, finally, the merger will create the first credit union in Canada to provide branch access throughout an entire province.

The vision and approach reflect the progressive perspectives of the three founding credit unions and the innovation that will shape the new credit union that has been created.

The twelve new Board members, four from each of the founding credit unions, were named in the amalgamation agreement. The new Board is: Bill Anhorn, Terry Cooper, Peter Elzinga, Peter Galloway, Doug Hastings, Merv Loewen, Stan Odut, Bob Porozni, Greg Preston, Penny Reeves, Lloyd Robinson, and Alison Starke.

The Board of Directors will begin their transition and governance work immediately. The first point of business will be to select a Chairman of the Board of Directors and President and CEO by the beginning of May. The Board will also begin working on a detailed governance process, building a strategic plan, establishing a head office, engaging key stakeholders in further communication and determining a name for the credit union. The Board of Directors will undertake a name selection and branding strategy review prior to registering the Articles of Incorporation November 1, 2008.

The new credit union will be the third largest in Canada. It will employ 1925 employees and serve approximately 400,000 members in 63 Alberta communities through 92 locations. At fiscal year end of October 31, 2007, the combined credit union assets totalled $8.58 billion with $93 million in income prior to profit sharing and taxes. The members of the three credit unions received $33 million in cash and dividends as a result of 2007 results.

March 13, 2008

Members of Servus Credit Union approved a resolution to amalgamate with Common Wealth Credit Union and Community Savings at their Annual General Meeting March 12. Servus members voted 92% in favour of amalgamation.

A two-thirds majority was required for the vote to be carried. There were 717 votes cast by a ballot process. Peter Galloway, Board Chair, remarked, "As a credit union advocate for 20 years following in the footsteps of my father and grandfather, I see this as a step towards making credit union history in Alberta. Our guiding principle in this proposal is to remain a credit union and enable the democratic process as we did through this vote. The support from our member-owners tonight shows their conviction for just that – a stronger, better credit union."

The three credit unions will formally amalgamate on November 1, 2008 should the other two credit unions also vote in favour of the proposal. Common Wealth Credit Union votes at their Annual Meeting in Lloydminster March 13. Community Savings members will vote on the same proposal on March 18 at a Special General Meeting in Red Deer.

"Our member-owners inclusive of employees have taken the first step towards a province-wide credit union. Servus is excited by the prospect of building a credit union that will mean more connectivity, more geographic reach and more opportunities", said President and CEO, Steve Blakely.

The proposed credit union of Common Wealth, Community and Servus would employ 1925 employees and serve 357,000 members in 63 Alberta communities through 92 locations. The combined profit sharing with their members in 2007 was $33 million with combined assets of $8.58 billion at fiscal year end of October 31, 2007.

February 27, 2008

The Chairs and CEOs of Servus Credit Union, Community Savings and Common Wealth Credit Union display the scope of their combined operations if the amalgamation is approved. Pictured are (standing L to R) Bill Anhorn, Peter Galloway and Doug Hastings, Chairs of the Boards of Community Savings, Servus Credit Union and Common Wealth Credit Union respectively, and (seated L to R) Murray Haubrich, Steve Blakely and Jeff Mulligan, CEOs of Community, Servus and Common Wealth, respectively.

Edmonton, Alberta - The three Boards of Common Wealth Credit Union, Community Savings, and Servus Credit Union announce today that they are recommending an amalgamation between their three credit unions to their respective memberships for a vote in March. This follows a February 8 announcement that the credit unions had entered merger discussions.

In a joint statement from the Board Chairs, Doug Hastings (Common Wealth), Bill Anhorn (Community) and Peter Galloway (Servus), said, "Our three Boards separately and unanimously agreed to propose the amalgamation resolution to our respective memberships. In our discussions, the members, employees and communities were a top priority. Our process was built on a set of guiding principles and we unequivocally feel that this is the right thing for our credit union at the right time. We are all operating from a position of strength and we want to preserve the credit union way of banking. We now invite the members of our credit unions to take part in shaping the future of credit unions in Alberta."

The resolution will be voted upon at the following annual or special meetings in the respective head office communities of each credit union and will require two thirds majority support from those in attendance at each of the meetings:

• Servus Credit Union, March 12, Francis Winspear Centre, Edmonton
• Common Wealth Credit Union , March 13, Vic Juba Theatre, Lakeland College, Lloydminster
• Community Savings, March 18, Red Deer Lodge, Red Deer

The Boards of the three organizations have identified an immense opportunity to create a new Alberta-wide credit union that will position the credit unions for change, sustain grassroots connections, and ensure the credit union way of banking is a competitive option for members and employees in the years to come.

The merger details are unprecedented in their nature as they truly reflect the cooperative nature of the system. The guiding principles were developed by the three Boards to build a framework under which credit unions could construct a sound organization:

• The Amalgamated Credit Union is committed to ensuring that all staff will be treated with dignity and respect through the amalgamation process and everyone will have a role in the new organization.
• All branches are expected to remain open as they are in complementary geographic locations.
• As practically functional, the Amalgamated Credit Union will have a virtual office with administration departments in multiple locations during the multi-year integration process.
• The Amalgamated Credit Union will adhere to the co-operative principles and is intended to ensure that the credit union way of banking will endure for future generations of Albertans.

The proposed amalgamation packages will be available via the credit union websites or through the 92 branch locations no later than March 1. The key elements of the amalgamation agreement detail the name and bond of association of the three credit unions, the names of the Directors, the conversion of shares, the bylaws and the management and operations. The proposed by-laws outline the membership, shareholding, membership meetings and voting, Board of directors, director elections, bylaw amendments, board and committee meetings and subsidiaries.

The twelve new Board members, four from each of the founding Credit Unions, have been named in the amalgamation agreement. They are Doug Hastings, Merv Loewen, Greg Preston, Alison Starke from Common Wealth Credit Union; Bill Anhorn, Terry Cooper, Stan Odut, Lloyd Robinson from Community Savings; Peter Elzinga, Peter Galloway, Bob Porozni, Penny Reeves from Servus Credit Union.

For the purposes of fulfilling the legal requirements of the Amalgamation Agreement; the new Credit Union has been named Servus Credit Union Ltd, in essence as a "nominee" name. The Board of Directors will undertake a name selection and branding strategy review prior to registering the Articles of Incorporation November 1, 2008.

Upon positive confirmation from the members of all three credit union, the new credit union would begin operations on November 1, 2008. The Board would undertake the development of the new credit union which includes choosing the President and CEO by May 1, working on the strategic planning process, developing board policy, determining a name for the credit union, establishing a head office, focusing on communication and developing profit sharing strategies.

The proposed credit union of Common Wealth, Community and Servus would employ 1925 employees and serve 357,000 members in 63 Alberta communities through 92 locations. The combined profit sharing with their members in 2007 was $33 million with combined assets of $8.58 billion at fiscal year end of October 31, 2007.

Douglas Hastings, Chair
Jeff Mulligan, CEO
Common Wealth Credit Union
askus@cwcu.net

Bill Anhorn, Chair
Murray Haubrich, CEO
Community Savings
contactus@communitysavings.ca

Peter Galloway, Chair
Steve Blakely, CEO
Servus Credit Union
info@servuscu.ca