First West becomes a federal credit union and officially launches as Tru Cooperative Bank
LANGLEY, B.C., April 01, 2026 (GLOBE NEWSWIRE) -- First West Credit Union announced today it is officially a federally regulated credit union and is now operating under its new legal name, Tru Cooperative Bank, marking a historic milestone in its evolution as a member-owned cooperative, and strengthening its ability to serve members and communities across Canada.
With federal continuance complete, regulatory oversight has moved from the B.C. Financial Services Authority (BCFSA) to the Office of the Superintendent of Financial Institutions (OSFI), placing Tru Cooperative Bank under Canada’s federal banking regulatory framework.
The name Tru Cooperative Bank reflects the organization’s cooperative roots while clearly positioning it as a credible alternative within Canada’s financial system that can match the capabilities of larger banks while operating under a cooperative, member-owned model focused on members’ financial well-being.
“Becoming federally regulated is about being ready for what our members need next,” said Launi Skinner, CEO of Tru Cooperative Bank. “As Tru Cooperative Bank, we can deliver the stability and sophistication Canadians expect from a leading bank, while deepening the personalized advice, local decision‑making and member‑first focus that define our cooperative. Canadians shouldn’t have to choose between scale and service, or digital convenience and personalized advice that’s truly in their interest.”
As communicated to members during the vote to apply for federal continuance, Tru Cooperative Bank’s growth strategy is focused on three key areas including: supporting its members with out-of-province financial needs, pursuing future growth through mergers with like-minded credit unions across Canada, and extending its industry leading mortgage broker channel to offer mortgages digitally in other provinces.
“Becoming a federal credit union is a defining moment for our organization and for cooperative banking in Canada,” said Shawn Neumann, Board Chair of Tru Cooperative Bank. “It reflects the responsibility we carry to offer Canadians a genuine alternative in financial services: one that combines strength and sophistication with trust, participation and purpose. This transition strengthens our ability to grow responsibly, deepen our impact and ensure cooperative banking remains a meaningful choice for generations to come. It also underscores our commitment to strong governance, sound risk management and longterm resilience.”
Tru Cooperative Bank will continue to operate its established local brands – Envision Financial, Island Savings, Valley First and Enderby & District Financial – serving members across British Columbia through the same branches, teams and relationships members rely on today. Day-to-day banking remains unchanged, supported by the same advice led approach and community presence that define cooperative banking.
Two member votes paved the way for this milestone. In 2021, members approved First West’s application for federal continuance with an 84% “yes” vote, followed by an 87% “yes” vote earlier this year in support of the name change to Tru Cooperative Bank. Together, the results reflect strong and sustained member confidence in the organization’s evolution as a Canadian member-owned financial institution.
With this transition, Tru Cooperative Bank becomes the fourth federally regulated credit union in Canada since federal legislation introduced in 2012 enabled credit unions to operate nationally.
More information about Tru Cooperative Bank’s federal transition is available at firstwestcu.ca.
About Tru Cooperative Bank (formerly First West Credit Union)
Tru Cooperative Bank brings together the best of both worlds, combining the strength and stability of a leading Canadian financial institution, and the care and community leadership of a local cooperative. With approximately $20 billion in total assets and more than 283,000 members, Tru Cooperative Bank offers clear, practical advice and modern banking that’s designed to be digital when it should be, and personal when it matters.
Through its regional brands — Envision Financial, Valley First, Island Savings, and Enderby & District Financial — Tru Cooperative Bank has contributed more than $44 million back to local communities while cultivating a nationally-recognized culture shaped by courageous leadership, authentic connection and collective strength. Learn more at firstwestcu.ca and see how we’re redefining banking to create a future where everyone can flourish.
About Cooperative Banking
A cooperative bank is a financial institution owned and democratically governed by its members —the people it serves. This structure fundamentally changes what success looks like: instead of maximizing returns for distant shareholders, a cooperative bank prioritizes its members' long-term financial well-being and directs earnings back into member value and community impact.
Josh Juhlke Tru Cooperative Bank 1 416-360-5967 mediarelations@firstwestcu.ca
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