Servus Credit Union Expands Covarity Implementation to Increase Business Banking Success

Servus Credit Union has been a Covarity customer since 2006 and last year became Canada's first province-wide credit union, with assets of $10B, through an amalgamation with Commonwealth Credit Union and Community Savings. Since implementing Covarity, Servus has seen significant improvements in the performance of its commercial credit portfolio. Rollout of the same solution to its expanded commercial member base is already underway.

Covarity provides financial institutions with a consistent risk management framework built around precision monitoring of commercial loans. Covarity automates the process for collecting and analyzing financial data from borrowers, bringing consistency, quality assurance and process efficiencies to the commercial lending process.

"Our members appreciate the ease of providing their information electronically, as well as the ability to see what we see, in terms of a snap shot of their financial picture -trending information and credit limit details." says Craig F. King, Senior Vice President, Business Banking, Servus Credit Union.

The implementation of Covarity has included benefits for both the credit union and its members, which now total over 400,000:

   Benefits For Servus - include the ability for the credit union to
   monitor each borrower's financial performance at a very detailed
   level, enabling Servus to quickly uncover and act on unfavorable
   trends and other areas of concern or opportunity in a client's
   business.

   Benefits For Members - include enhanced visibility into their
   financial performance as well as the ability for commercial
   borrowers to electronically submit their financial statements,
   increasing the timeliness and accuracy of information, reporting
   and analysis.

"Covarity is committed to providing our customers with a commercial loan monitoring solution that continuously improves process efficiencies, reduces risk and helps banks and credit unions strengthen customer service and build a competitive advantage, said Rod Foster, President and CEO of Covarity. "We are proud of the partnership that we have formed with Servus since 2006 and look forward to continuing to work together to build on this commitment and strengthen their growing commercial business."

About Covarity Inc.

Covarity is the choice of the best managed banks in the world (as cited by sources such as the World Economic Forum and Global Finance magazine) for precision commercial loan portfolio management. Covarity automates the process for collecting and analyzing borrower financial data and enables financial institutions to manage credit risk on a loan-by-loan basis. Covarity's hosted, Web-based commercial loan monitoring solution delivers process efficiencies, value-added customer service and helps prepare financial institutions for regulatory scrutiny fast and efficiently with minimal capital outlay. Covarity is based in Kitchener, ON and was incorporated in 2001. Covarity's customers include Royal Bank of Canada, BMO Bank of Montreal, HSBC Bank Canada, Libro Financial Group, and RBC Bank in the United States. Please see www.covarity.com for more information.

About Servus Credit Union Ltd

Servus Credit Union is a full service member-owned financial institution serving more than 400,000 members through a network of more than 100 locations in 62 Alberta communities. On November 1, 2009 Servus will mark its first anniversary as the first province-wide credit union in Canada, with more than $10 billion in assets. The credit union provides a complete line of banking services, including registered accounts, financing, investments, insurance, commercial banking, 24-hour on-line and telephone banking. Servus Credit Union member-owner deposits including accrued interest are 100% guaranteed by the Credit Union Deposit Guarantee Corporation. Operations are managed through the Edmonton head office with regional offices in Lloydminster and Red Deer. For more information, call toll-free 1-87servuscu (1.877.378.8728) or visit www.servuscu.ca.