DUNCAN, B.C. and LANGLEY, B.C.— Two credit unions that are merging here say they will fund an endowment of $2 million to create a foundation to benefit local charities and initiatives in their markets. It is third time the acquiring credit union has made such a contribution following a merger. The activation of the endowment itself is pending the outcome of the Island Savings member vote on the proposed merger with First West Credit Union.
With plans to merge are First West Credit Union and Island Savings, which serve Vancouver Island and other Gulf Island communities, and which plan to create the Island Savings Community Endowment, which will then become part of the First West Foundation in 2015.
The First West Foundation is the charitable arm of First West Credit Union, with nearly $11 million in endowment funds. Originally founded in 1996, the First West Foundation welcomed Valley First in 2010 and established the Valley First Community Endowment with $1 million in funding. In March 2013, the Enderby Financial Community Endowment was established with $500,000 in funding.
Those credit unions’ brands remain active.
According to the credit union, this year the Foundation expects to grant more than $465,000—approximately $100,000 more than last year—to 118 projects in 25 communities served by Valley First, Enderby & District Financial and Envision Financial. The Foundation also specializes in the management of legacy funds that benefit specific community causes and organizations. To date, seven legacy funds reside within the Foundation, including the recently added Peter Bell Legacy Fund, which supports the community of Enderby.
First West Credit Union has $7.7 billion in assets and more than 177,000 members.