(February 2 – 16:20 ET) – Vancouver City Savings Credit Union (VanCity) released its consolidated financial statement for the year ended December 31, 1999. Earnings from operations were $39.2 million, compared with $39.3 million the previous year. Net earnings after dividends and taxes dropped to $23.7 million from $24.1 million in 1998.
Consolidated assets, meanwhile, grew to $6.4 billion, up 8.2% from $5.9 billion a year ago.
VanCity is Canada’s largest credit union, with more than 260,000 members and 39 branches in Greater Vancouver, the Fraser Valley and Victoria, B.C.
It owns the “branchless” Citizens Bank of Canada, which serves members across the country by telephone, ATM and the Internet. Both VanCity and Citizens Bank of Canada have a policy of corporate social responsibility.