First West Credit Union, based in Vancouver, British Columbia, has transitioned to federally regulated status and is now operating under its new legal name, Tru Cooperative Bank.
The third largest credit union in the province, Tru has CA$20bn in total assets and more than 283,000 members. It has the largest geographic reach of any credit union in the province, with 45 branches.
It says the change marks “a historic milestone in its evolution as a member-owned co-operative”, and will strengthen its ability to serve members and communities across Canada.
Regulatory oversight has moved from the British Columbia Financial Services Authority (BCFSA) to the Office of the Superintendent of Financial Institutions (OSFI), placing Tru Cooperative Bank under Canada’s federal banking regulatory framework.
Tru Cooperative Bank says the new name reflects its co-op roots “while clearly positioning it as a credible alternative within Canada’s financial system that can match the capabilities of larger banks while operating under a co-operative, member-owned model focused on members’ financial wellbeing”.
“Becoming federally regulated is about being ready for what our members need next,” said CEO Launi Skinner. “As Tru Cooperative Bank, we can deliver the stability and sophistication Canadians expect from a leading bank, while deepening the personalised advice, local decision‑making and member‑first focus that define our co-operative. Canadians shouldn’t have to choose between scale and service, or digital convenience and personalised advice that’s truly in their interest.”
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Tru says its growth strategy is focused on three key areas: supporting its members with out-of-province financial needs, pursuing future growth through mergers with like-minded credit unions across Canada, and extending its mortgage broker channel to offer mortgages digitally in other provinces.
“Becoming a federal credit union is a defining moment for our organisation and for co-operative banking in Canada,” said board chair Shawn Neumann. “It reflects the responsibility we carry to offer Canadians a genuine alternative in financial services: one that combines strength and sophistication with trust, participation and purpose. This transition strengthens our ability to grow responsibly, deepen our impact and ensure cooperative banking remains a meaningful choice for generations to come. It also underscores our commitment to strong governance, sound risk management and longterm resilience.”
Tru says it will continue to operate its established local brands – Envision Financial, Island Savings, Valley First and Enderby & District Financial – and will maintain its current branches, teams and relationships.
“Day-to-day banking remains unchanged,” it added, “supported by the same advice led approach and community presence that define co-operative banking.
The move follows two member votes: in 2021, members approved First West’s application for federal continuance with an 84% “yes” vote, followed by an 87% “yes” vote earlier this year in support of the name change.
Tru is the fourth federally regulated credit union in Canada since federal legislation introduced in 2012 enabled credit unions to operate nationally.
