Island Savings

Last updated
Island Savings
Company type Credit Union
Industry Financial services
FoundedDuncan & District Credit Union: 1951
Headquarters,
Key people
Kendall Gross, President
Website islandsavings.ca

Island Savings, a division of First West Credit Union, is based in British Columbia, Canada. Since 1951, Island Savings has served communities on Vancouver Island and Gulf Islands.

Contents

In 2013, Island Savings entered into discussions with B.C.-based First West Credit Union. In November 2014, members Island Savings voted in favour of the merger proposal, and on Jan. 1, 2015, Island Savings joined First West's network. The First West brand network also includes Envision Financial, Valley First and Enderby & District Financial.

First West Credit Union has $14 billion in total assets and assets under management, approximately 1,250 employees and more than 250,000 members. The credit union is the third largest in B.C. and the fifth largest in Canada. [1] Its divisions—Envision Financial, Valley First, Island Savings and Enderby & District Financial—operate under their existing brand names in their respective markets.

About Island Savings

Island Savings has 13 branches in Duncan, Chemainus, Brentwood, Lake Cowichan, Mill Bay, Nanaimo, Pender Island, Saltspring Island, and Victoria. Its administration centre is located in Duncan.

Community investment

Island Savings is dedicated to making a difference in the lives of local families. The Growing Island Families Together (GIFT) program provides leadership, sponsorship, financial, and in-kind support to community groups. [2] Each Island Savings branch accepts GIFT applications [3] from local groups and organizations with initiatives that help to improve families’ quality of life and build strong communities.

In 2014, Island Savings established a $2 million Island Savings community endowment through the First West Foundation.

Island Savings has partnered with such organizations as the BC Cancer Foundation's Inspire the World Campaign, Big Brothers Big Sisters of Greater Victoria, Pacific Institute for Sport Excellence, Success by Six, and the Victoria Foundation.

Membership

Island Savings is a division of First West Credit Union which is a member of Central 1 Credit Union and is registered with the Credit Union Deposit Insurance Corporation of BC.

Related Research Articles

<span class="mw-page-title-main">Coast Capital Savings</span> Canadian financial co-operative

Coast Capital Savings Federal Credit Union is a member-owned financial co-operative headquartered in Surrey, British Columbia. It has 600,000 members through its 45-location branch network. In 2022, Coast Capital's net income was at $94.1 million. Coast Capital Savings operates nationally and has branches located in British Columbia, including Metro Vancouver, Fraser Valley, Okanagan and Vancouver Island regions.

<span class="mw-page-title-main">Alterna Savings</span>

Alterna Savings and Credit Union Limited, commonly called Alterna Savings, is a credit union based in Ottawa, Ontario, Canada. In addition to its credit union branches in Ontario, it also operates across Canada through its direct banking subsidiary Alterna Bank.

<span class="mw-page-title-main">Gulf & Fraser</span>

Gulf and Fraser Fishermen's Credit Union, operating as Gulf & Fraser, is a member-owned financial institution in Burnaby, British Columbia, Canada, and is the sixth largest credit union in British Columbia by asset size. With a history dating back to 1940, Gulf & Fraser provides banking and a variety of financial services including borrowing, investments and financial planning. It is insured by the Credit Union Deposit Insurance Corporation of British Columbia, a crown corporation that insures the deposits of credit union members.

Servus Credit Union is a member-owned, community-based financial institution based in Edmonton, Alberta, and in 2015 became the second-largest credit union in Canada and the largest credit union in Alberta. Servus has around 380,000 members, who are served by nearly 2,400 employees from 100 locations in 59 communities across Alberta and as of 2021 has $17.2 billion in assets under its administration.

<span class="mw-page-title-main">WSFS Bank</span> American financial services corporation

WSFS Financial Corporation is a financial services company. Its primary subsidiary, WSFS Bank, a federal savings bank, is the largest and longest-standing locally managed bank and trust company headquartered in Delaware and the Greater Delaware Valley. WSFS operates from 114 offices, 88 of which are banking offices, located in Pennsylvania (57), Delaware (40), New Jersey (14), Florida (1), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management.

<span class="mw-page-title-main">Envision Financial</span> Division of First West Credit Union

Envision Financial, a division of First West Credit Union, is based in British Columbia, Canada. Founded in 1946, Envision Financial was established in 2001 through a merger between Lower Mainland-based Delta Credit Union, whose roots were in the fishing industry, and Fraser Valley-based First Heritage Savings Credit Union, which had historic ties to the farming and agriculture industries. First Heritage Savings Credit Union was the product of a merger between East Chilliwack Credit Union and Clearbrook District Mennonite Savings Credit Union in 1983. It is insured by the Credit Union Deposit Insurance Corporation of British Columbia.

The Michigan State University Federal Credit Union (MSUFCU) is a credit union headquartered in East Lansing, Michigan. Primarily serving students and alumni of Michigan State University and Oakland University, MSUFCU is federally chartered and regulated by the National Credit Union Administration (NCUA). MSUFCU is the largest university-based credit union in the world, and the second-largest credit union in Michigan.

<span class="mw-page-title-main">Wachovia</span> Defunct banking company

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.

<span class="mw-page-title-main">Wings Credit Union</span> Non-profit credit union

Wings Credit Union is a not-for-profit, member-owned credit union headquartered in Apple Valley, Minnesota. With assets of $8.4 billion, the credit union serves eligible Minnesota and Wisconsin counties, the metro areas of Detroit, Orlando, Atlanta and employees in the air transportation industry nationwide. Wings was chartered in 1938 and is regulated by the National Credit Union Administration (NCUA).

<span class="mw-page-title-main">ESL Federal Credit Union</span>

ESL Federal Credit Union is a full-service financial institution with headquarters in Rochester, New York. The locally owned financial institution employs more than 870 people in Rochester, New York, and includes more than 376,000 members and 11,800 businesses. The company has now appeared on the Great Place to Work Best Small and Medium Workplaces for 10 years. Access to the credit union includes 22 branch locations and more than 40 ATM locations, locally based telephone and internet chat centers, and online and mobile banking channels. Membership in ESL is open to employees of Eastman Kodak, members of the George Eastman House, and residents of Rochester, among others.

First West Credit Union is British Columbia’s third largest credit union with nearly $18.6 billion in total assets and assets under administration and more than 253,000 members. Its core business is traditional banking, the provision of personal and business daily banking services. First West has the largest geographic reach of any credit union in the province with 45 branches throughout B.C. The credit union is headquartered in the Vancouver suburb of Langley and has regional administration centres in Duncan on Vancouver Island and in Penticton in B.C.’s Southern Interior.

Call Federal Credit Union is a federally insured, not-for-profit financial cooperative headquartered in Richmond, Virginia. It is regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government. Call Federal Credit Union is the second-largest Richmond-based credit union. As of December 31, 2022, Call Federal Credit Union had $522 million USD in assets and 30,000 members. In accordance with the Federal Credit Union Act of 1934, Call Federal Credit Union is a tax-exempt, federally chartered, federally insured, not-for-profit financial cooperative. Call Federal Credit Union accounts are insured up to $250,000 through the NCUA, which is comparable to the insurance provided to accounts at traditional banks via the Federal Deposit Insurance Corporation.

Vancouver City Savings Credit Union, commonly referred to as Vancity, is a member-owned financial co-operative headquartered in Vancouver, British Columbia, Canada. By asset size, Vancity is the largest community credit union in Canada as of 2019, with CA$28.2 billion in assets plus assets under administration, 60 branches and more than 543,000 members.

Launi Skinner is a Canadian business woman, with 20 years of experience leading several high-profile companies within Canada and internationally, including Starbucks US, 1-800-GOT-JUNK?, and First West Credit Union. Skinner is currently chief executive officer of First West Credit Union, one of Canada's largest credit unions.

<span class="mw-page-title-main">Credit unions in Canada</span>

Canada has significant per-capita membership in credit unions, representing more than a third of the working-age population. Credit union membership is largest in Quebec, where they are known as caisses populaires, and in western Canada.

Valley First, a division of First West Credit Union, is based in British Columbia, Canada. Founded in Penticton in 1947 as the Penticton and District Credit Union, Valley First was established in 1983 following a period of expansion through the Okanagan and Similkameen valleys. Valley First continued its growth into the Kelowna market throughout the 1990s, before amalgamating with the Armstrong Spallumcheen Savings and Credit Union and buying the KCP Credit Union in Kamloops in 2001.

<span class="mw-page-title-main">United Heritage Credit Union</span>

United Heritage Credit Union is a credit union headquartered in Austin, Texas, chartered and regulated under the authority of the Texas Credit Union Department and federally insured by the National Credit Union Administration. United Heritage Credit Union has over $1 billion in assets.

Humanomics is a national initiative that was launched by a number of credit unions across Canada on May 1, 2014. The purpose of the Program is to bring a human focus to the concept of economics, by having the participating credit unions support their communities by re-investing profits, and provide opportunities to improve Canadians’ financial well-being.

<span class="mw-page-title-main">Community First Bank</span>

Community First Bank is an Australian member or customer-owned community-focused bank established in Sydney in 1959 as Sydney Water Board Officers Credit Union with branches in Sydney and the central coast region

<span class="mw-page-title-main">Prospera Credit Union</span> Canadian credit union

Prospera Credit Union is a Canadian, community-based, purpose-driven credit union in British Columbia. It was formed in 2002 as a merger of Edelweiss Credit Union, an originally German-Canadian credit union founded in 1943, and Fraser Valley Credit Union, founded in 1949. It merged with Westminster Savings Credit Union in 2020. As of 2023, the credit union had 115,634 members and C$7.53 billion in assets. Prospera is one of the largest credit unions in British Columbia and is headquartered in Surrey, British Columbia. It currently has 24 branches across the Lower Mainland, the Fraser Valley, and the Okanagan.

References

  1. CCUA Facts & Figures
  2. "Island Savings - About GIFT". Iscu.com. Retrieved 2015-12-27.
  3. Archived September 19, 2014, at the Wayback Machine