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Westminster Savings Credit Union Announces The Retirement of President and CEO Barry Forbes

New Westminster, BC, June 21, 2012 – Westminster Savings Credit Union announced today that President and CEO Barry Forbes is retiring after 41 years with the organization. His retirement is effective December 31, 2012.

Under his leadership, Mr. Forbes oversaw the growth of Westminster Savings from 14 employees and $6 million in assets in 1970 to more than 400 employees serving over 60,000 members and customers with $2.7 billion in assets under management, making it the fourth largest credit union in British Columbia.

“I’ve had the privilege of working for one of the best credit unions in Canada alongside a talented and experienced executive team and Board of Directors,” says Mr. Forbes. “Because of them, and the hundreds of dedicated Westminster Savings employees I know the credit union is in great hands and well positioned for the future.”

As the longest serving employee in the history of Westminster Savings, Mr. Forbes has presided over many significant developments and celebrated numerous milestones during his 41-year tenure: name changes and rebranding; industry leading employee programs; banking system conversions; mergers; new products and services and community investment programs.

Westminster Savings is unique among credit unions in that it also has a national focus. Its subsidiaries, WS Leasing Ltd. and Mercado Capital Corporation, have offices and employees in British Columbia, Alberta, Manitoba and Ontario, and do business across the country.

Mr. Forbes was also instrumental in the establishment of the Westminster Savings Foundation and was directly responsible for the creation of the credit union’s community investment and sponsorship programs. The foundation is the second largest credit union foundation in Canada, has assets of more than $7.6 million and has contributed more than $2.3 million in financial support to local organizations since 1994.

“Under Barry’s direction, the credit union has thrived and prospered by growing and adapting to meet the needs of its members, customers and stakeholders,” says Westminster Savings Board Chair Bill Brown. “He has maintained a continued focus on sound financial practices and operational efficiency. However, his highest priorities have always been our members, customers and employees. His passion and commitment to their well-being will be his lasting legacy. We thank him for his exemplary leadership.”

The Westminster Savings Board of Directors has engaged Watson Advisors Inc. to carry out a nationwide executive search to find a new president and CEO for Westminster Savings.

Read more about Barry Forbes in this backgrounder.

About Westminster Savings

Headquartered in New Westminster, Westminster Savings Credit Union provides a full range of retail, commercial and wealth management services, plus vehicle and equipment leasing services through its wholly-owned subsidiaries WS Leasing Ltd. and Mercado Capital Corporation. Its 400 employees serve 60,000 members and customers with $2.7 billion in assets under management from a network of 12 retail branches across metro Vancouver and leasing offices in British Columbia, Alberta, Manitoba and Ontario.

For more information:

Samantha Giovenazzo
Sgiovenazzo@national.ca, 604-691-7383