LANGLEY, B.C. – First West Credit Union (“First West”) a leading Canadian financial cooperative, is pleased to announce that it closed its offering (the “Offering”) of $200 million aggregate principal amount of fixed rate senior deposit notes due on November 15, 2027 (the “Notes”). The Notes are unsecured and bear a fixed interest rate of 3.691% per annum, paid semi-annually, and commencing on May 15, 2026. The Offering was First West’s fourth offering of notes since 2022. The Offering was upsized from an initial offering of $150 million to $200 million.
With approximately $20 billion in assets and assets under administration, First West serves 283,000 members throughout British Columbia and is one of Canada’s largest credit unions. First West has received a R-1 (low) Short-Term and a BBB (high) Long-Term credit rating from Morningstar DBRS.
“This milestone reflects the strength of First West and the confidence investors have in our vision,” says Mark Moreland, Chief Financial and Strategy Officer at First West Credit Union. “Upsizing from $150 million to $200 million and attracting $1.07 billion in orders—more than five times oversubscribed—shows we’re already competing at scale and delivering exceptional value. It demonstrates that our strategy is working as we advance toward federal continuance, building on a strong foundation to remain a trusted partner in Canada’s financial landscape. As we grow, we’re helping shape the future of cooperative banking—proving that member-focused institutions can lead nationally with strength, innovation, and purpose.”
Desjardins Capital Markets and Scotiabank acted as joint bookrunners. McCarthy Tetrault acted as external legal counsel to First West and Stikeman Elliott acted as legal counsel to the bookrunners and co-managers.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward -looking statements”). When used in this news release the words “may”, “well-positioned”, “working”, “to be”, “becoming”, “anticipates”, “will” and similar expressions are intended to identify forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.