Valley First 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. The brand primarily serves communities in the Okanagan, Similkameen, and Thompson Valleys, offering personal and business banking, lending, and wealth management services. In 2010, Valley First merged with Envision Financial to create First West Credit Union. In 2026, First West Credit Union became a federally regulated credit union and changed its name to Tru Cooperative Bank[1], with Valley First retained as a regional trade name.
History
Early origins
The origins of Valley First date to the establishment of community-based credit unions in British Columbia’s interior, including Penticton and District Credit Union, founded in 1947. These institutions were created to provide cooperative financial services to local residents, particularly in resource-based and agricultural communities.
Over the following decades, the organization expanded through mergers with other regional credit unions, including Armstrong Spallumcheen Savings and Credit Union, strengthening its presence across the Okanagan and surrounding regions.
Formation of First West Credit Union (2010)
In 2008, Valley First entered merger discussions with Langley-based Envision Financial to form a larger cooperative financial institution serving British Columbia. Members of both organizations approved the merger in 2009, and on January 1, 2010, the two credit unions combined to form First West Credit Union.
Following the merger, the organization adopted a multi-brand strategy, with Valley First operating as a regional division alongside Envision Financial. The organization later expanded through additional mergers with Island Savings Credit Union in 2013 and with Enderby & District Credit Union in 2015, both of whom continued to operate under their existing regional brands, as Island Savings and Enderby & District Financial respectively.
Transition to Tru Cooperative Bank (2021–2026)
In 2021, members of First West Credit Union voted in favour of pursuing federal continuance, which would enable the organization to operate under the federal Bank Act while maintaining its cooperative ownership structure. Following regulatory approval and a subsequent member vote to change the organization’s name, First West formally continued federally as Tru Cooperative Bank on April 1, 2026.
Through the transition, the organization retained its multi-brand structure. Valley First continues to operate as a regional trade name rather than a separate legal entity.
Relationship to Tru Cooperative Bank
Valley First 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 Valley First, Envision Financial, Island Savings, 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 Valley First brand are insured by the Canada Deposit Insurance Corporation in accordance with federal regulations applicable to Tru Cooperative Bank.[2]
Operations
Valley First provides a range of financial services, including personal and business banking, commercial lending, residential mortgages, and wealth management services. Its operations are concentrated in the Okanagan, Similkameen, and Thompson regions of British Columbia. Services are delivered through digital banking platforms, advisory services, and a network of 13 branches in the communities of Armstrong, Kamloops, Kelowna, Keremeos, Oliver, Penticton, Princeton, Vernon, and West Kelowna. It has regional administration offices in Penticton and Kelowna.
Community involvement
Valley First has participated in community initiatives across its service regions, including programs supporting local food banks and charitable organizations. Its “Feed the Valley”[3] program focuses on addressing food insecurity in the communities it serves.
