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Central 1 Announces Approval of Special Resolution

VANCOUVER, B.C., Dec. 11, 2017 (GLOBE NEWSWIRE) -- Central 1 Credit Union (Central 1) is pleased to announce that its members have passed a special resolution approving amendments to its Constitution and Rules. The amendments enable Central 1 to set prices using volume-based tiers for (i) electronic bill payment processing and (ii) electronic CCIN (Corporate Creditor Identification Number) bill payment remittance processing. The amendments are subject to regulatory approval.

/EIN News/ -- In order to be approved, the special resolution was required to receive the approval of (i) greater than 66 2/3% of the votes cast by the holders of Class A shares of Central 1, on the basis of one vote per Class A share held and (ii) greater than 50% of the Class A members voting on the special resolution.

The following are the results of the vote on the resolution: 

Special Resolution Outcome of the Vote Percentage of votes cast
“for” and “against” the
resolution on the basis
of one vote per share
held
Percentage of Class A
members voting on the
resolution voting “for”
or “against”
the resolution
For Against For Against
Special Resolution 17-ESR-1 (Pricing Rule Amendment) Carried 98 % 2 % 94 % 6 %

About Central 1

With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $17.7 billion in assets. We provide wholesale financial products, trust services, payment processing solutions and direct banking services to about 300 credit unions and institutional clients from coast to coast.

In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 42 member credit unions in B.C. and 70 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial network that collectively serves 3.3 million members and holds more than $124.5 billion in assets. For more information, visit www.central1.com.

Contact

Members
Julie Breuer
AVP Member Relations
Central 1 Credit Union
T 613.299.5087 or 1.800.661.6813 ext. 6733
E jbreuer@central1.com

Media
Nicole Adams
Interim AVP, Member & External Communications
Central 1 Credit Union
T 604.754.6581 or 1.800.661.6813 ext. 6581
E communications@central1.com 

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