First West Credit Union closed a $150 million senior deposit note offering with a final order book of $615 million

/EIN News/ -- LANGLEY, British Columbia, April 15, 2025 (GLOBE NEWSWIRE) -- First West Credit Union (“First West”) a leading Canadian financial co-operative, announced that it closed its offering (the “Offering”) of $150 million aggregate principal amount of fixed rate senior deposit notes due on March 24, 2027 (the “Notes”). The Notes are unsecured and bear a fixed interest rate of 4.252% per annum, paid semi-annually and commencing on September 24, 2025. First West’s most recent offering is the third offering of notes since 2022.

With approximately $20 billion in assets and assets under administration, First West serves 283,000 members throughout British Columbia and is one of Canada’s largest credit unions. First West has received a R-1 (low) Short-Term and a BBB (high) Long-Term credit rating from Morningstar DBRS.

“The overwhelming response underscores the continued confidence the investment community places in First West, its financial strength and its long-term growth strategy, backed by a trusted team and a bold outlook,” says Mark Moreland, First West’s Chief Financial and Strategy Officer. “We’re proud of this strong endorsement – what started as a $150 million offering closed with a final order book of $615 million – over four times oversubscribed.”

First West Credit Union is in the advanced stages of its pending federal continuance and remains fully committed to becoming a federal credit union. Moreland continues, “We believe that First West is well-positioned for federal continuance with all technology systems, policies and procedures ready, and we’ve completed several years of preparation under the guidance of the federal banking regulator. While we wait for approval, First West will continue to navigate with strength through this economic environment while supporting our members in the weeks and months ahead.”

CIBC World Markets and Scotia Capital acted as joint bookrunners. McCarthy Tetrault acted as external legal counsel to First West and Stikeman Elliott acted as legal counsel to the bookrunners and co-managers.

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 through our belief that every person, business and community deserves to feel financially confident.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, "forward -looking statements"). When used in this news release the words "may", “well-positioned”, “working”, "to be", “becoming”, “anticipates”, "will" and similar expressions are intended to identify forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities.

Contact info:
Josh Juhlke - Communications Manager
jjuhlke@firstwestcu.ca
416-360-5967