First West Credit Union and Island Savings, two prominent financial institutions in Langley, are considering a merger.
With its head office in Langley, First West Credit Union is the third-largest credit union in British Columbia, with $7.1 billion in assets and over 170,000 members. Island Savings, also based in Langley, has 70,000 members and $2.8 billion in assets.
The merger would see the smaller Island Savings become part of First West. However, Island Savings would retain its name and its Langley-based leadership and decision-making process. In addition, no layoffs or branch closures in either company would occur because of the merger.
Island Savings is promoting the move as a deal that would increase its financial resources, which would in turn would increase its capacity to lend to small and medium-sized businesses. Cheaper services and a better ability to weather economic downturns are also benefits being touted by both sides.
Island Savings and First West Credit Union may have hired out for the purposes of flyer printing. Flyers advertising any new and cheaper services offered by both companies could be used to inform their customers and the general public.
Since Island Savings is a cooperative, its members must vote on the merger. The vote will take place between November 5th and 12th. The results will be made available on November 14th.Get a Free Quote for Flyers
