Thursday, June 08, 2006

Capital City Savings Credit Union to deploy the Covarity Dashboard Commercial Loan Monitoring Solution

(Kitchener, Ontario, June 8, 2006)

Capital City Savings, the largest credit union in Alberta will deploy the Covarity Dashboard commercial loan monitoring software solution.

"The Covarity Dashboard automates the financial analysis processes for our commercial margined operating lines, while also providing improved service to our members." Said Craig F. King, Assistant Vice President, Business Banking, Corporate and Regional Markets at Capital City Savings. "We can be sure we're performing consistent, high-quality financial and credit analysis within the standardized risk framework provided by the Covarity Dashboard."

"We're very pleased and excited to add Capital City Savings as a customer." said Rod Foster, President and CEO, Covarity. "We're confident that the Covarity Dashboard will help enhance its position as a member-focused credit union and a leader in commercial lending in Alberta."

With the Covarity Dashboard, borrowers upload their financial information through a secure web interface, where risk calculations and loan ratio analysis are performed automatically. Lenders have a real-time view of their loan portfolio in a simple dashboard, which immediately identifies risks, opportunities and problem accounts. As a result, lenders are able to make more informed lending decisions and manage their portfolios more effectively.

About Capital City Savings
Capital City Savings and Credit Union Limited offers a complete line of personal and business banking services and products, including investments, trust and insurance services. Capital City Savings will formally amalgamate with Servus Credit Union and SAFECU Credit Union on November 1, 2006. The new credit union will assume the name of Servus Credit Union. Servus Credit Union will be the largest credit union in Alberta with nearly $3 billion in assets and 181,000 members. Approximately 800 employees will provide members with financial services through a network of 49 locations serving 27 Alberta communities. Capital City Savings has been named one of Canada's 50 Best Managed Companies since 2003. The credit union actively supports community activities where members and employees live and work. For more information, call 496-2000, toll free 1-877-496-2151, or visit http://www.capitalcitysavings.com

About Covarity Inc.
Incorporated since 2001, Covarity is the leading provider of commercial loan management software solutions. The Covarity Dashboard helps financial institutions attract new business by harnessing the internet to improve customer service, while reducing the risk and effort associated with capturing borrower financial statement data and monitoring commercial loans. Please see http://www.covarity.com for additional information.

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