Valley First

Valley First
Credit Union
Industry Financial services
Founded Penticton & District Credit Union: 1947
Valley First Credit Union: 1983
Valley First Credit Union and Envision Financial (1946) merged as First West Credit Union (2010)
Headquarters Penticton, British Columbia, Canada
Key people
 Paulette Rennie, President
Revenue $206.6 million CAD (2014)
$32.0 million CAD (2014)
Total assets $9.8 billion CAD (Jan.1, 2015)
Number of employees
 1,759 (2015)
Website valleyfirst.com

Valley First, a division of First West Credit Union, is based in British Columbia, Canada. Founded in Penticton in 1947 as the Penticton and District Credit Union, Valley First was established in 1983 following a period of expansion through the Okanagan and Similkameen valleys. Valley First continued its growth into the Kelowna market throughout the 1990s, before amalgamating with the Armstrong Spallumcheen Savings and Credit Union and buying the KCP Credit Union in Kamloops in 2001.[1]

In 2008, Valley First entered into discussions with Langley-based Envision Financial to merge with one another and develop a new financial services organization for Western Canada. In September 2009, members at both credit unions voted in favour of the merger proposal, and on Jan. 1, 2010, Envision Financial and Valley First merged to become First West Credit Union. In 2013, Enderby & District Credit Union joined First West Credit Union, followed by Island Savings Credit Union in 2015.

The credit union's members have access to 53 branches and 40 insurance offices throughout B.C. The credit union has approximately $10 billion in assets, more than 1,700 employees, and more than 240,000 members. The credit union is the third-largest credit union in B.C. and the fifth-largest in Canada.[2] Valley First, Enderby & District Financial, Envision Financial, and Island Savings continue operating as divisions of First West, retaining their existing brand names in their respective markets.

Overview

Valley First has a network of 16 branches and 11 insurance offices throughout the Okanagan, Similkameen and Thompson valleys. Its regional administration centre is located in Penticton. A number of the credit union's subsidiary businesses operate under the Valley First name, including Valley First Insurance Services and Valley First Investment Services.

In 2010, Valley First launched its signature cause, Feed the Valley. Feed the Valley is a unique hunger fighting initiative that aims to raise food, funds and awareness for food banks in the Valley First trade area.[3] With the ultimate goal of eliminating hunger in the Okanagan, Similkameen and Thompson valleys, Feed the Valley has raised more than $615,000 and 56,000 pounds of food in three years and been recognized nationally as a leading corporate citizenship program.[4]

Merger

In 2008, Valley First entered into discussions with Langley-based Envision Credit Union to merge with one another and develop a new financial services organization for Western Canada.

In September 2009, members at both credit unions voted in favour of the merger proposal, and on Jan. 1, 2010, Valley First and Envision merged to become First West Credit Union.[5][6]

Membership

Valley First is a division of First West Credit Union which is a member of Central 1 Credit Union and is registered with the Credit Union Deposit Insurance Corporation of BC.

References

  1. ↑ https://www.valleyfirst.com/Personal/AboutUs/OurOrganization/OurHistory/
  2. ↑ http://www.cucentral.ca/Top1004Q11/ Largest Credit Unions
  3. ↑ Success Stories - Feed the Valley
  4. ↑ Central 1 Credit Union :: News Releases
  5. ↑ Valley First Credit Union merges with Envision | Kelowna.com
  6. ↑ Merger creates B.C.'s third-largest credit union
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