The board of directors for both Island Savings and First West Credit Union have unanimously approved a business case that would see Island Savings join First West. The potential partnership still requires consent from the Financial Institutions Commission and a vote from Island Savings members.
If approved, Island Savings would retain its brand, local leadership and decision-making and its “Island-centred community focus.”
Island Savings manages $2.8 billion in assets and is investing $15 million to expand its branch network and service delivery platforms. First West Credit Union is the province’s third-largest credit union with $7.1 billion in assets, more than 171,000 members and close to 1,300 employees. It operates 40 branches in B.C.
