Valley First
| Industry | Financial services |
|---|---|
| Founded | 1947 |
| Headquarters | , |
Key people | Simon Mills, President |
| Website | www |
| Footnotes Institution number: 809 (Tru Cooperative Bank) | |
Valley First is a regional financial services brand in British Columbia, Canada, and a trade name and regional division of Tru Cooperative Bank (formerly First West Credit Union), a federally regulated credit union.[1]
The brand was established through the development and merger of several Interior British Columbia credit unions, including Penticton and District Credit Union, which was founded in 1947.[2] In 2010, Valley First merged with Envision Financial to form First West Credit Union.[3] In 2026, First West continued federally and adopted the name Tru Cooperative Bank, while Valley First was retained as one of its regional brands.[1]
Valley First offers retail banking, commercial and business banking, and wealth management services through branches, a Member Advice Centre, and digital banking channels.[4] Valley First operates branches and ATMs across the Okanagan, Similkameen, and Thompson regions.[5]
History
[edit]Early origins
[edit]The origins of Valley First date to the establishment of community-based credit unions in British Columbia’s interior, including Penticton and District Credit Union, founded in 1947.[2] These institutions were created to provide cooperative financial services to local residents, particularly in resource-based and agricultural communities.
Over the following decades, the organization expanded through mergers with other regional credit unions, including Armstrong Spallumcheen Savings and Credit Union, strengthening its presence across the Okanagan and surrounding regions.[6]
Formation of First West Credit Union (2010)
[edit]In 2008, Valley First and Envision Financial entered merger discussions to form a larger cooperative financial institution serving British Columbia. Members of both organizations approved the merger in 2009, and on January 1, 2010, the two credit unions combined to form First West Credit Union.[3] Envision Financial and Valley First continued to operate as regional divisions of First West under their existing brand names.[1]
Transition to Tru Cooperative Bank (2021–2026)
[edit]In 2021, members of First West Credit Union voted on a special resolution to apply to continue as a federal credit union under the Bank Act. With approval, First West Credit Union became a federally regulated credit union on April 1, 2026 and adopted the name Tru Cooperative Bank.[7][8] The federal charter enabled the organization to serve members beyond British Columbia while retaining its cooperative structure.
Relationship to Tru Cooperative Bank
[edit]Valey First is a trade name and regional division of Tru Cooperative Bank, a federally regulated financial institution, and is not a separate legal entity.
Tru Cooperative Bank operates under a multi-brand structure that includes Valley First, Envision Financial, Island Savings, and Enderby & District Financial.[1][9][10] Under this structure, the regional divisions retain their established brand identities while governance, regulatory oversight, and financial reporting are managed at the organizational level by Tru Cooperative Bank.[1]
Deposits held under the Valley First brand are insured by the Canada Deposit Insurance Corporation in accordance with federal regulations applicable to Tru Cooperative Bank.[7]
Business operations
[edit]Valley First offers retail banking, commercial and business banking, and wealth management services.[11]
- Retail banking - Provides consumer banking services through branches, a Member Advice Centre, and digital banking channels.[11]
- Commercial and business banking - Provides banking services to businesses and commercial clients.[11]
- Wealth management - Provides investment and advisory services through Valley First Wealth Management.[11]
Valley First’s branch and ATM network serves communities including Armstrong, Kamloops, Kelowna, Keremeos, Oliver, Penticton, Princeton, Vernon, and West Kelowna.[5] Valley First also provides member support through phone, chat, appointment booking, and online help channels.[5]
Cooperative Structure
[edit]Valley First is a division of Tru Cooperative Bank, a federal credit union, under Canada’s Bank Act.[8][7] The federal transition allows Tru Cooperative Bank to operate beyond British Columbia and expand its services to other parts of Canada.[7]
See also
[edit]References
[edit]- 1 2 3 4 5 "About Tru Cooperative Bank". www.trucooperativebank.ca. Retrieved 2026-07-07.
- 1 2 Who We Are | Valley First Credit Union - Valley First Credit Union
- 1 2 "Log In - ProQuest Historical Newspapers: Times Colonist - ProQuest". www.proquest.com. Retrieved 2026-07-21.
- ↑ "2025 Annual report" (PDF). Archived from the original (PDF) on 2026-06-01.
- 1 2 3 "Find a branch or ATM". www.trucooperativebank.ca. Retrieved 2026-07-07.
- ↑ Who we are - Valley First Credit Union
- 1 2 3 4 MBlais@cdic.ca (2026-04-01). "CDIC welcomes Tru Cooperative Bank". CDIC. Retrieved 2026-07-07.
- 1 2 none (2026-04-02). "It's Tru – Langley-based credit union changes name and goes federal". Langley Advance Times. Retrieved 2026-07-07.
- ↑ reports, Staff (2014-10-01). "First West Credit Union merging with Island Savings". Langley Advance Times. Retrieved 2026-07-07.
- ↑ "Canadian Consolidation: B.C.'s First West Credit Union Takes in Enderby & District". cutimes.com. Retrieved 2026-07-07.
- 1 2 3 4 "2025 Annual report" (PDF). Archived from the original (PDF) on 2026-06-01.