2016 May 27

NEWS RELEASE

NEW BANKING SERVICES MODEL BEATS FIRST-ANNIVERSARY TARGETS

CORMORANT ISLAND (BC) - A new style of small-town banking has beaten its first-anniversary

performance targets, and is showing potential as a service model that may benefit other non-urban

communities.

The project is a partnership between the 'Namgis First Nation and the Village of Alert Bay, working with

Vancity credit union, and it's setting several firsts.

It's the first such three-way partnership in Canada; it's the first Vancity branch outside an urban area; and

it's a first-time mix of a storefront branch, ATM, videoconferencing and travelling specialists to deliver

full-service banking.

Work started two years ago, when the previous credit union on Cormorant Island pulled out, saying the

branch wasn't viable. This triggered immediate joint action by the 'Namgis and Alert Bay councils to find

a replacement.

"A community can't survive and grow with just online banking," says 'Namgis Councillor Kelly Speck, who

is on the joint banking committee. "Our residents, businesses and governments need to cash cheques,

negotiate loans, and deposit cash. There's time, cost and risk involved in leaving the community to do this."

The joint banking committee surveyed residents, gathered data and used the information to develop a

business case. It invited proposals from several institutions and chose Vancity's submission. The final

agreement required a commitment from all three partners to support the development of a new service

model that's both viable and tailored to community needs

"We're using a co-operative approach and figuring out how to meet the community’s banking needs in

some new, sustainable ways,” says Stewart Anderson, the manager of indigenous partnerships at

Vancity. “We don't have to do things the way they've always been done."

In addition to basic branch banking three days a week, the new service offers workshops and advice to

young people and entrepreneurs to increase financial literacy and develop business skills.

"Vancity is doing more than just replacing what we had," says Alert Bay mayor Mike Berry. "The support

for members and businesses is strengthening our community, advancing our economic development

goals, and growing our banking base. It's a solid foundation for sustainability."

The collaboration will continue to measure progress toward second-year sustainability targets, and test

the model for usefulness in supporting a network of healthy communities far from urban centres.

CONTACT

Josephine Mrozewski | Cormorant Island | 250-974-3599 | jo@runninglight.ca

BACKGROUND

High resolution versions available of photos on Facebook https://www.facebook.com/cormorantislandtidesofchange/

FIRST-YEAR ACHIEVEMENTS FOR VANCITY CORMORANT ISLAND BRANCH

more than 560 members (target was 500)

funds under administration 50 % above year-one target

operating well under budget

only three cash deliveries to date, showing cash is moving around the community

workshops to develop business and financial skills for community members

sponsorships for community events and organizations, including U'mista, Alert Bay 360 Race,

Seafest/Musicfest, Art Loft/Artfest, Summer Market and June Sports. http://www.umista.ca/

http://www.alertbay360.com/

http://alertbayseafest.com/

http://www.alertbayartists.org/

https://www.facebook.com/alertbaysummermarket/

http://www.alertbay.ca/events/?view=calendar&month=June-2016

ABOUT CORMORANT ISLAND

Cormorant Island, or 'Yalis in the Kwak'wala language, lies off the northeast end of Vancouver Island. It

was a centre of settlement and commerce for thousands of years, as a seasonal village for many

Kwakwaka'wakw people, including 'Namgis. Then colonial settlers arrived. By the 1870s, 'Namgis and

settlers established the permanent community of Alert Bay. For 100 years Cormorant Island was the

centre of business, government and culture for a large area of the coast. By 2000, the building of the

Island Highway and federal fishing licence buybacks had radically changed this previously affluent

island. Since then, the two governments have worked together to meet the goals of the Alert Bay Accord

to revive the island economy and support the richness of its way of life. Today Cormorant Island is home

to roughly 1000 people, about 550 on 'Namgis reserves, and 450 in the Village of Alert Bay. The whole

island is roughly 420 hectares large. About 250 hectares is under 'Namgis First Nation jurisdiction and

170 hectares under the Village of Alert Bay. It is the home to the world-renown Umista Cultural Centre

and hosts almost 10,000 visitors a year from all over the world. http://namgis.bc.ca/

http://www.alertbay.ca/

ABOUT TIDES OF CHANGE

Tides of Change is a partnership between the 'Namgis First Nation and the Village of Alert Bay to

increase economic activity and well-being on Cormorant Island. The partnerhsip produced an economic

development plan that was adopted by both governments in 2015. In its first year of implementation, the

Tides of Change plan has had achievements in several areas:

New banking services on the island

New entrepreneurs support program

Improved business tax regime

Green energy initiatives

Summer markets

Historic signage

Tourism website launched and open for feedback https://www.facebook.com/cormorantislandtidesofchange/

http://cormorantislandtourism.com/ https://www.vancity.com/AboutVancity/News/AdditionalNews/Archives/AdditionalNews2015/CormorantOpening_May20_2015/