Community First Credit Union merger approved

NEWS RELEASE

COMMUNITY FIRST CREDIT UNION

********************** Members approve merger of Community First Credit Union and Timmins Regional Credit Union

In April 2006, the members and shareholders of Community First Credit Union Ltd. and Timmins Regional Credit Union Ltd. overwhelmingly approved the merger of the two credit unions.

The amalgamated credit union will continue as Community First Credit Union Ltd., effective June 1, 2006.

"This merger allows Community First to diversify geographically and presents new opportunities for growth, says Community First CEO Greg Peres [shown].

Peres will become the CEO of the amalgamated credit union.

"There will be no branch closures and no layoffs," said Margaret Blaskievich, general manager of Timmins Regional. "This merger is about being able to provide more to our members," said Blaskievich.

Community First, with a combined membership of 15,000 and assets of $240 million, will have three branches and six ATMs in the communities of Sault Ste Marie and Timmins.

Member and shareholder approval is one of the final steps in the process that began in May 2005.

Regulatory approval from the Financial Services Commission of Ontario was received in April 2006.

The final step in the merger is the approval by Ontario's minister of finance.

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