Island Savings
From Wikipedia, the free encyclopedia
Island Savings is a regional financial services brand operating in British Columbia, Canada. It is a division of Tru Cooperative Bank (formerly First West Credit Union), a federally regulated, member-owned financial institution.
 | |
| Industry | Financial services |
|---|---|
| Founded | Duncan & District Credit Union: 1951 |
| Headquarters | , |
Key people | Kendall Gross, President |
| Website | www |
The brand primarily serves communities on Vancouver Island and the Southern Gulf Islands, offering personal and business banking, lending, and wealth management services. Island Savings became part of First West Credit Union in 2015 following a merger. In 2026, First West Credit Union continued as Tru Cooperative Bank, with Island Savings retained as a regional trade name.
History
Early origins
Island Savings' roots trace back to community-based credit unions on Vancouver Island, including Duncan & District Credit Union, founded in 1951. These institutions were established to provide cooperative financial services to local residents and businesses across the island and Gulf Islands.
Over time, the organization expanded through mergers and regional growth, developing a presence in communities including Nanaimo and Victoria.
Joining First West Credit Union (2015)
In 2013, Island Savings entered into merger discussions with First West Credit Union,[1] another British Columbian cooperative financial institution whose geographic trade area included the Lower Mainland, Fraser Valley, Okanagan Valley, Similkameen Valley, Thompson Valley, and Kitimat. Members approved the merger in 2014, and on January 1, 2015, Island Savings formally joined First West.[2]
Following the merger, First West continued its multi-brand strategy, with Island Savings operating as a regional division alongside Envision Financial, Valley First, and Enderby & District Financial.
Transition to Tru Cooperative Bank (2021–2026)
In 2021, members of First West Credit Union voted in favour of pursuing federal continuance, enabling the organization to operate under the federal Bank Act while maintaining its cooperative ownership structure. Following regulatory approval and a subsequent member vote, First West formally continued as Tru Cooperative Bank.[3]
As part of this transition, the organization retained its multi-brand structure. Island Savings continues to operate as a regional trade name rather than a separate legal entity.
Relationship to Tru Cooperative Bank
Island Savings operates as a trade name and regional division of Tru Cooperative Bank. It is not a separate legal entity, but part of a single federally regulated financial institution.
Tru Cooperative Bank operates a multi-brand model that includes Island Savings, Envision Financial, Valley First, and Enderby & District Financial. This structure allows the organization to maintain regional brand identities while providing centralized governance and regulatory oversight under federal jurisdiction.
Deposits held under the Island Savings brand are insured in accordance with federal regulations applicable to Tru Cooperative Bank.[4]
Operations
Island Savings provides a range of financial services, including personal and business banking, commercial lending, residential mortgages, and wealth management services. Its operations are concentrated on Vancouver Island and the Southern Gulf Islands.
Services are delivered through digital banking platforms, advisory services, and a network of 13 branches in communities of Duncan, Chemainus, Brentwood, Lake Cowichan, Mill Bay, Nanaimo, Pender Island, Saltspring Island, and Victoria. It has administration centres located in Duncan and Victoria.
Community involvement
Island Savings has contributed substantially to local charities and causes over many years. The Growing Island Families Together (GIFT) program provides leadership, sponsorship, financial, and in-kind support to community groups.[5] Each Island Savings branch accepts GIFT applications [6] 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.