Credit Union Announces Adjustment in Shares to Members Prior to Merger

ALBANY, NY (08/29/2007)(readMedia)-- Excelsior Credit Union’s Board of Directors has unanimously approved a payment of a Bonus Dividend and an Interest Refund to Excelsior Credit Union members prior to the merger with Capital Communications Federal Credit Union. The Board’s decision is designed to reward Excelsior members for their past loyalty and dedication to the cooperative spirit of the Credit Union.

“This extraordinary decision reached by Excelsior’s Board of Directors is Excelsior Credit Union’s way of thanking its members for their relationship with Excelsior, a relationship that we hope will continue long after the merger with Capital Communications Federal Credit Union,” said Kenneth C. Herr, President/CEO of Excelsior Credit Union.

The total amount of $750,000 has been approved for payment and will be divided among Excelsior members in good standing based on loan interest paid and dividends received for the period January 1 through August 31, 2007. The special payments will be divided equally between the savers and borrowers illustrating the vital nature of each component contributing to the organizations successes. Payments will be posted to Excelsior Credit Union’s members’ regular share draft accounts in the mid-September, prior to the proposed merger completion date.

Excelsior Credit Union and Capital Communications will be merging on October 1, 2007 after receiving approval from the National Credit Union Administration, the Board of Directors at both financial institutions and Excelsior Credit Union members. Capital Communications will retain all current Excelsior members, employees and branch locations and Capital Communications will be the surviving charter after the merger is complete. Upon completion of the merger with Excelsior, Capital Communications will have more than 65,000 members and more than $650 million in assets. The combined Credit Union will be governed within the rules and regulations of the National Credit Union Administration and deposits will be insured by the National Credit Union Share Insurance Fund to the levels applicable by law.