Enderby & District Credit Union enters discussions to join First West Credit Union
LANGLEY, BC-- The boards of Enderby & District Credit Union and First West Credit Union have announced they are undertaking exploratory discussions that would see Enderby & District Credit Union join First West Credit Union.
First West is British Columbia's third-largest credit union with $6.6 billion in assets under administration, more than 169,000 members and close to 1,400 employees. It operates 37 branches throughout the province under the Envision Financial and Valley First brands.
Enderby & District Credit Union is a full-service financial co-operative with assets in excess of $55 million. It serves more than 4,300 members in the north Okanagan. Through First West Credit Union's partnership model, Enderby & District would retain its local brand, local leadership and community focus.
"I'm really pleased with the unanimous decision our board made to engage in discussions with First West," says Enderby Credit Union general manager Ted Morrison. "First West's approach is really unlike anything else out there-it's all about ensuring credit unions like ours have the ability to stay and act local-from decision making to location to our name."
"It's great to be in discussions with Enderby & District," says First West CEO Launi Skinner. "Though we're one of the country's largest credit unions, we have been successful because we understand the needs of people in small towns and cities across the province. We want Enderby & District to grow and succeed in the community it's serving -- we're glad we can play a part in making this happen."
According to Skinner, Enderby & District Credit Union is the first of several credit unions First West is hoping will join its family of credit union brands.
Before finalizing a merger arrangement, the credit unions will undertake due diligence and seek regulator approval. The transaction will also require a positive vote from the Enderby & District membership. According to Skinner and Morrison, the credit unions would like to hold the member vote on the merger before the end of 2012; if this is not possible, the vote would be held in early 2013. The timeline will be firmed up over the next few weeks.