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MEDIA CENTRE

DBRS Morningstar confirms rating on First West Credit Union at BBB (high), Stable trend

LANGLEY, B.C. – DBRS Limited (DBRS Morningstar) has confirmed a Long-Term Issuer Rating of BBB (high) and both a Short-Term Issuer Rating and a Short-Term Instruments Rating of R-1 (low) for First West Credit Union, noting that the trend on all ratings is Stable.

The ratings reflect First West’s position as the third-largest credit union in B.C. and the fifth-largest in Canada, with total assets and assets under management of $17.4 billion as at June 30, 2022. They also indicate the credit union’s well-established market position and diversified product suite through its community-based regional brands, Envision Financial, Valley First, Enderby and District Financial and Island Savings. Notably, the report highlights First West’s strong earnings power, as well as solid liquidity and capital positions. The Credit Union has generated solid recurring earnings that are underpinned by a higher contribution from non-interest income compared with its credit union peers.

Importantly, the ratings also mention the continued economic disruption caused by the COVID-19 pandemic and First West’s desire to grow and gain access to markets beyond B.C. by becoming federally regulated.

“As we continue to navigate one of the more difficult economic periods in recent memory, we are encouraged that First West’s financial strength and stability continue to put us in a position to garner strong credit ratings,” says Mark Moreland, Chief Financial Officer at First West Credit Union. “Our membership can be assured by this rating and know that as we continue to work towards becoming a federally regulated credit union, First West will remain focused on leveraging our solid financial position to create a stronger and more sustainable future for our members and communities.”

For more information on this rating, visit: https://www.dbrsmorningstar.com/research/403073/dbrs-morningstar-confirms-rating-on-first-west-credit-union-at-bbb-high-stable-trend

Company Information

About First West Credit Union

First West Credit Union brings together the best of both worlds, combining the scale, stability and solutions of a leading Canadian financial institution with the care and community leadership of a local cooperative. Powered by the leadership of Launi Skinner, First West is Canada’s premier multi-brand credit union, serving 283,000 members through four admired community brands: Envision Financial, Valley First, Island Savings, and Enderby & District Financial. With approximately $20 billion in total assets and assets under administration, First West makes it easy for its members to get impactful, practical advice and personalized service that’s truly in their best interests, through 45 branches across B.C., a Member Advice Centre and leading digital tools.

Since 2010, First West has given back more than $41 million to its communities, while cultivating a culture with its 1,250 team members that is recognized nationally with Canada’s Most Admired Cultures Award, BC’s Top Employers Award, 5-Star Psychological Safety Award, and the Canadian Workplace Wellbeing Award. Learn more at firstwestcu.ca and see how we’re redefining banking to create a future where everyone can flourish.

Media Contacts

Josh Juhlke

Communications Manager
c: 604.309.6066
jjuhlke@firstwestcu.ca