Valley First Credit Union members joined their Envision Financial counterparts in giving a resounding thumbs up to a merger between the two companies.

Results of the previous week’s balloting announced Wednesday showed 88.4 per cent of Valley First and 90.3 per cent of Envision voters endorsed the amalgamation.

Effective Jan. 1, 2010 First West Credit Union will become the third largest banking institute of its kind in the province. Regulatory approval was granted in June of this year and the support of two thirds of all eligible votes were required to proceed.

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

Vice chair Ken Voth of the Envision board agreed.

“We are pleased that our membership recognized the positive benefits this merger holds for both Envision and Valley First,” he said. “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 Interior.

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

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

During the next three months, Envision and Valley First will work out the legalities necessary to complete the joining.

Current Envision President and chief executive officer Gord Huston will lead First West through the initial transition and stabilization period and 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 the Okanagan, Similkameen and Thompson regions. It has $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 over 800 employees. Envision has a number of subsidiary businesses and for the last seven years has been named one of the 50 Best Employers in Canada.