LANGLEY, B.C. – First West Credit Union has released its financial statements for 2017 and in addition to a strong financial performance in all areas, membership continues to grow at a record pace.
In 2017, more than 8,700 new members joined the First West network which includes Envision Financial, Valley First, Island Savings and Enderby & District Financial. This sustained growth is a sign of the value members see in First West’s local focus and commitment to exceptional service and experience, says First West’s CEO, Launi Skinner.
“As we redefine the co-operative banking experience for our members, it’s clear our local-brand approach continues to resonate with our communities.” says Skinner. “Our deep roots in the communities we serve combined with the financial capability and strength of a larger organization are proving to be a winning combination for our members.”
The success of First West’s commitment to delivering value to members through a trusted network of local brands is reflected in their financial results.
“Our strong performance is a testament to our business model and our capacity to create stability during times of rapid change,” says First West’s Chief Financial Officer, Tom Webster. “Our local focus and commitment to innovation are driving top-tier financial results.”
First West Credit Union 2017 financial highlights
- Total assets increased $347.0 million, or 3.6% to $9.9 billion
- Total deposits increased $332.1 million, or 3.9% to $8.8 billion
- Total loans increased $733.1 million, or 9.8% to $8.2 billion
- Income before tax increased $17.1 million or 48.6% to $52.3 million
- Membership grew by 3.7%, bringing our total net new members to nearly 50,000 since 2010
- Paid dividends of $1 million to members, bringing total dividends paid to $10.2 million since 2010
Furthering its commitment towards building healthier communities, First West also contributed $1.9 million through its community giving activities, including the organization’s signature causes, Feed the Valley and The Full Cupboard, bringing its community investment total to $14.1 million since 2010.
First West Credit Union 2017 annual report now online
First West Credit Union’s online annual report and downloadable 2017 financial statements are now available, featuring management’s discussion and analysis, 2017 successes and highlights from our regional divisions.
Annual General Meeting
The 2017 First West Credit Union AGM can be attended either: