A message from the Board Chair and the CEO

2025 Annual Report

The next chapter in cooperative banking

2025 marks an important moment for First West Credit Union. When Envision Financial and Valley First came together in 2010, we set out to build something unique in Canadian cooperative banking: a multi‑brand credit union rooted in beloved local identities and strengthened by the scale of a larger organization. That bold decision shaped who we are today—a financial cooperative grounded in local care, backed by deep expertise, and focused on helping our members and communities flourish.

Over the past 15 years, our model has grown stronger. With the additions of Enderby & District Financial in 2013 and Island Savings in 2015, we’ve expanded to serve more than 280,000 members and grown our assets under management to $20 billion—double what they were when we began. We’ve also built a high‑performance culture of 1,300 employees who continue to raise the bar, earning recognition as one of BC’s Top Employers, a 5‑Star Psychologically Safe Workplace and one of Canada’s Most Admired Corporate Cultures.

Today, we’re entering a new chapter of growth. Nearly five years after our members voted to pursue federal regulation, we’re approaching that milestone. And in 2025, we began laying the foundation for a refreshed brand identity—one that will come to life through the experiences we create for members and how we show up consistently and confidently in the marketplace.

Creating more value for our members

Many members faced significant financial pressures in 2025—especially those navigating mortgage renewals at much higher interest rates. More than 4,800 member households turned to us for guidance. In response, we equipped our Member Advice Centre and branch teams with enhanced training and launched a dedicated mortgage retention team to ensure we supported members with timely expert advice.

Business members also experienced uncertainty due to unexpected international tariff hikes. To provide focused, practical help, we assembled a multi‑disciplinary Tariff Task Force to support members through the changing environment, mitigating impacts where possible.

Advancing our digital experience

We’ll remember 2025 as a landmark year for technology, thanks to Microsoft Copilot. First West’s Copilot deployment is built on Microsoft’s trusted, secure cloud platform that features advanced data privacy, security and compliance capabilities. In only a few months, this new tool has become a daily sidekick: more than 90% of our team members actively used this powerful AI companion to work smarter, freeing up time to focus on what matters most, our members.

And we’re preparing to take another major step forward. In 2026, we’ll launch a new digital banking platform—including a redesigned public website, online banking and mobile app. Thanks to significant groundwork completed this year, the new platform will give us greater flexibility to evolve features and deliver improvements faster, so members can enjoy a seamless, modern digital banking and website experience.

We also strengthened our customer relationship management system with improved disclosures for product and service recommendations. This reflects our ongoing commitment to supporting members in making informed and truly valuable financial decisions.

Helping our communities flourish

In 2025, we contributed $2.2 million to charities across our local communities through the First West Foundation—a 12% disbursement rate, more than double the CRA requirement. Since 2010, our total community investment has reached $42.1 million.

We also launched our inaugural Impact Report this year, which complements the Annual Report by highlighting the social impact and long-term value we generate beyond financial performance. It reflects our values in action, the lives we’ve touched and our commitment to building a better future through transparency, accountability and purpose-driven initiatives.

An ambitious path forward

Our strategy continues to move forward with purpose. Investments in next‑generation digital tools, deeper relationship management and financial advisory practices, and a bold brand evolution are strengthening how we support members and communities—today and into the future.

As a values‑driven cooperative, our vision remains clear: long‑term prosperity and well‑being for the people and communities we serve. On behalf of the First West executive team and the Board of Directors, thank you for your trust, your partnership and your continued loyalty.

Shawn Neumann, Board Chair | Launi Skinner, CEO