KINGSTON – July 21, 2011 – Members of the Churches Co-operative Credit Union (CCCU) and GSB Co-operative Credit Union (GSB) both met with their respective members on Tuesday July 19th 2011 to make a monumental decision about the future of the companies. In April, CCCU and GSB publicly announced their intentions to merge during a press conference where a Memorandum of
Understanding was signed. Three months later, the two organizations officially voted on the matter and the members gave their approval on the proposed amalgamation.

At the Churches’ gathering, Mr. Orville Hill, CCCU President stated, “today, 40 years after the birth of Churches, it is our time to be a part of history by taking our business to another level. These two credit unions have strong balance sheets, delivering continuous surplus for its members, however, we recognize that together much more can be achieved”.

Mr. Michael Roofe, President of GSB Credit Union also sought to reassure his members at their special general meeting. “This proposal affords this 65 year old institution, the opportunity to realize its potential to become an entity with a greater capacity to render service to you, our members, which has hitherto never been experienced,” he said. “This merger we believe will assist us in our bid to move from a state of goodness to greatness,” he concluded.

Both credit unions took the time to address their members’ questions. They discussed the multitude of benefits the partnership would potentially reap including the establishment of a stronger organization, expansion of financial products, reduction in loan rates and operating costs, improvement in service delivery, and the addition of more business locations.

Of note, both credit unions have recorded strong performances despite the prevailingly negative economic environment. During the period 2009-2010, CCCU increased its portfolio by 11.3% and boasted an asset base of $4.3 billion, while GSB grew by 12% and had a total asset base of $2.5 billion.

In light of the tremendous success enjoyed by both organizations, CCCU and GSB Board Members are confident that a merger, with its combined synergies, will enable the new entity to become one of the island’s leading financial institutions.

……………………………………………………………………………………………………………………………………………………….

ABOUT CHURCHES CO­OPERATIVE CREDIT UNION

Established in 1971, Churches Co-Operative Credit Union (CCCU) has been a member of the Jamaica
Co-Operative Credit Union League since 1977. As the island’s second largest credit union in terms of
membership, the organization provides its membership with a comprehensive range of financial services
including savings and investment accounts, loans, insurance packages and a pension fund.

For more information about Churches Co-operative Credit
www.churchescreditunion.com or email info@churchescreditunion.com.

ABOUT GSB CO­OPERATIVE CREDIT UNION LIMITED

Originally founded as the GSB Clerks Co-operative Credit Union in 1944, the organization was initially
launched to offer banking services to government employees. Today, the entity boasts a membership
base of 28,000 persons and provides savings opportunities, a range of loans (car, mortgage, educational)
family indemnity plans, and access to health insurance coverage to its clientele.

For more information about GSB Co-operative Credit Union, please visit www.gsbcu.com or call 1-888-
225-5472.

###

Michelle Cunningham,
Marketing Executive, Communications & Business Solutions Ltd. (CBS)
906-2266/ 906-9248, michelleroxannecunningham@gmail.com