Earlier this week Envision Financial and Valley First Credit Union received strong member approval to proceed with a merger that will create First West Credit Union, the third-largest credit union in British Columbia.

In total, 88.4 per cent of Valley First and 90.3 per cent of Envision member-owners voted in favour of the proposal, which required the support of two-thirds of all eligible ballots cast to proceed.

With regulatory approval granted in June 2009, the merger is now slated to take effect on Jan. 1, 2010.

“We are pleased that our membership recognized the positive benefits this merger holds for both Envision and Valley First,” says Ken Voth, vice-chair of the Envision board.

“Over a year ago we set out to create a unique financial institution for Western Canada that would provide greater economies of scale and help us compete more effectively in the marketplace-First West stands to achieve all of this and more.”

Through First West, members will have access to 37 branches and 29 insurance offices throughout the Lower Mainland and the B.C. Interior.

The credit union will have approximately $5.6 billion in assets under administration, 1,250 employees, and 167,000 members.

Both Envision Financial and Valley First will operate as divisions of First West, retaining their existing brand names in each respective market.

“We’re delighted that the possibilities of this merger are finally becoming a reality,” says Colleen Lister, chair of the Valley First board.

“Not only will the size of the branch network more than double, but merging ensures our long-term ability to better serve the financial needs of our members through enhanced product and service offerings.”

During the next three months, Envision and Valley First will undertake the legal activities necessary for the merging credit unions to begin operating as one on Jan. 1, 2010.

Current Envision president and chief executive officer Gord Huston will lead First West through the merger’s initial transition and stabilization period as CEO, while Valley First’s president and CEO Harley Biddlecombe has been appointed special advisor.

Valley First is British Columbia’s eighth largest credit union, with 16 branches in B.C.’s Okanagan, Similkameen and Thompson regions, $1.75 billion in assets under administration, 47,000 members and 450 employees.

Valley First’s subsidiaries include Valley First Insurance Services Ltd. and Valley First Financial Services Ltd.

Envision Financial is B.C.’s third-largest credit union with 21 branches and 20 insurance offices.

The organization has approximately $3.8 billion in assets under administration, 120,000 member-owners, and more than 800 employees.

Envision has a number of subsidiary businesses including Envision Insurance Services, Envision Investment Services, CUDealerLink, Envision Leasing, and inUnison Technology Services.

For the last seven years, Envision has been named as one of the 50 Best Employers in Canada.