A vote will be held next month to determine the potential merger between Island Savings and First West Credit Union.
First West Credit Union, which has its head office in Langley, consists of Envision Financial, Valley First and Enderby & District Financial.
“First West is inspired by one of our six big ideals — act local — because we have unique communities across British Columbia that deserve a local focus when it comes to their banking needs,” said First West CEO Launi Skinner.
“The Valley First team in the Okanagan, Similkameen and Thompson valleys, the Enderby & District Financial team in the North Okanagan, and the Envision Financial team in the Lower Mainland, Fraser Valley, and Kitimat are all dedicated to making a meaningful difference in the financial lives of their members and the prosperity of their communities.”
“Our boards found there was very compelling member and community value in our two organizations coming together,” said First West board chair Shawn Neumann.
“Because of the nature of the arrangement, Island Savings members are required to vote. However, we will be holding information meetings for First West members too to provide more information on the value proposition and hear their feedback. We’re committed to acting locally and listening, so we’re looking forward to hearing and learning from our members.”
Should the merger go through, Island Savings would retain its name, local leadership, local decision-making and community focus.
They have also said there would be no layoffs as the result of the merger.
“This is great news for Island Savings and for the 70,000 members who do business with us,” said Island Savings CEO Rod Dewar.
“With First West, we can offer Island families and businesses some of the most competitive products in the marketplace—without having to give up the local decision-making, local name and local community investment Islanders count on from us.”
Island Savings members will vote either by mail-in ballot or in person at any branch between Nov. 5 and Nov. 12 with the results announced on Nov. 14.