First West says membership, assets grow

March 28, 2012

LANGLEY, B.C. – First West Credit Union said Wednesday its membership and assets each grew by more than seven per cent last year.

British Columbia’s third-largest credit union said its membership grew by more than eight per cent, and its total assets were $ 5.46 billion, a 7.4 per cent increase over 2010.

Net interest income was $ 126 million, down from $ 129 million in 2010. As a percentage of average assets, net interest income was 2.39 per cent in 2011.

“Over the past year, the First West team achieved some great successes,” said CEO Launi Skinner.

Loans to members grew 6.5 per cent to $ 4.74 billion and deposits increased 3.7 per cent to $ 4.6 billion.

First West was formed in January 2010 through the merger of Penticton, B.C.-based Valley First Credit Union and Langley, B.C.,-based Envision Financial.

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