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Island Savings and First West reach merger deal in principle

Island Savings CEO Rod Dewar and his firm
Island Savings CEO Rod Dewar and his firm's brass have reached a merger agreement in principle with First West Credit Union's managers. The deal still needs a provincial nod and member-vote ratification.
— image credit: Peter W. Rusland file

Bigwigs of Island Savings and First West credit unions have unanimously approved a partnership deal.

Talks during the past several months, by both firm's boards, would see Duncan-based Island Savings join First West, today's press release says.

"Through First West's unique partnership model, Island Savings would retain its local brand, local leadership, local decision-making, and Island-centred community focus," it states.

The business case outlining the merger still requires consent from the Financial Institutions Commission. Following its approval, Island Savings members will be asked to vote on the transaction.

James McKenzie, board chairman of Island Savings says, "We are excited about the possibilities to enhance our business and to better serve our members on the Islands.

"Island Savings and First West have a strong commitment to our communities, to stay and act locally. We look forward to combining the expertise, local knowledge and experience of our teams to better serve all our members."

Shawn Neumann, First West's boss, was similarly stoked.

"Our boards found there was a very compelling value proposition in our two organizations coming together, and we are hopeful the FICOM will as well.

"Fundamentally, this partnership helps the organizations to further build on their strong financial performance," he says.

"This in turn ensures longer-term stability for the credit union, and improves our ability to provide more and improved products and services such as First West's Simply Free Account, and Unlimited Chequing for Business."

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