Minister congratulates Eagle River Credit Union Ltd.

George Sweeney, Minister of Government Services and Lands and minster responsible for the Credit Union Deposit Guarantee Corporation, is pleased to recognize the recent announcement by the Credit Union Central of Canada that the Eagle River Credit Union has received the 2003 Award for Community Economic Development.

"It gives me great pleasure to offer our congratulations to the Eagle River Credit Union on being named the 2003 recipient of this award by the Credit Union Central of Canada. It is the first time a credit union in Newfoundland and Labrador has received this prestigious award," said Minister Sweeney. "This is a national award based on community involvement for which we�re especially proud.

"An impressive credential of this organization is the list of local groups and organizations they have supported within their own communities. These groups include schools, scholarships, sports teams, economic development programming, healthy community projects, and many others."

During a period of time where major banks and institutions have focused their attention on other markets, credit unions have thrived in Newfoundland and Labrador. Minister Sweeney welcomes the increasing participation of credit unions in the financial services market and local communities.

"Eagle River Credit Union has five branches located on both the south coast of Labrador and the Northern Peninsula. With assets of $35 million and a membership of 4,700 operating in a population base of approximately 19,000 people, Eagle River Credit Union is a great news story for rural Newfoundland and Labrador.

"The entire province continues to experience a significant commitment from credit unions each and every year. There are currently 15 credit unions operating 40 branches in Newfoundland and Labrador which hold over $400 million in assets."

Yvonne Jones, MHA for Cartwright-L�Anse au Clair district, is especially proud of the success of the Eagle River Credit Union which has its head office in L�Anse au Loup, Labrador.

"I have had the privilege of seeing first hand the tremendous success achieved by the Eagle River Credit Union board, staff and members in the district of Cartwright - L'Anse au Clair. They seized the opportunity almost 20 years ago and have made a huge impact on the economic viability in areas that were devastated by the cod moratorium in the early 1990s," said Minister Jones.

"The innovative approach taken and the professionalism displayed by the Eagle River Credit Union board and staff have built an exemplary reputation as a community-oriented financial institution. This recent national award for community economic development is a well-deserved recognition of their commitment and dedication," said Minister Jones, "and I want to offer my sincere congratulations and best wishes for continued success."

Media contact: Jeff Mackey, Communications, (709) 729-4860

The Credit Union Award for Community Economic Development is awarded annually by the Credit Union Central of Canada. The award recognizes and honours the outstanding contributions credit unions make to the economic development of the communities they serve. Since its inception this prestigious award has focused national attention on the leadership role credit unions play in inspiring others to go beyond their present limits, and to shape promising futures within their communities.

Criteria:

• Must provide demonstrable social and economic benefits to the community
• Must emphasize community self-help, participation and control
• Should demonstrate that the credit union is working in effective partnership with other community-based organizations
• The credit union must be a major participant in bringing together other organizations, groups and individuals in the community

The winner is selected by a nation-wide panel of co-operators judges.

2003 05 29                                        9:35 a.m.