Valley First demonstrates commitment to its communities with $1 million endowment
 February 19, 2010
Penticton, B.C. – Valley First has reaffirmed its commitment to support the communities it serves by establishing a $1-million charitable foundation endowment that will provide grants to worthy causes in the Okanagan, Similkameen and Thompson regions.
The endowment was made shortly before Valley First merged with Envision Financial to form First West Credit Union on Jan. 1, 2010. Envision has maintained a charitable foundation since 1996 that has provided more than $1.5 million in grants in the communities the credit union serves. The same foundation will hold the Valley First endowment as an enduring gift and distribute only the interest earned as grants beginning in 2011.
“One of the commitments we made to our members when we sought approval to merge with Envision Financial was that we would continue our tradition of supporting the communities we serve,” says Valley First president Paulette Rennie. “This endowment is a significant demonstration of that support, and something that will make a difference for hundreds of good causes for years to come.”
Contributions from credit union members and the broader community are welcome to help grow the Valley First endowment and increase the fund’s ability to support worthwhile community projects. Since the credit union provides administrative support for the foundation, 100 per cent of donations go directly to the endowment fund.
“As the charitable arm of the credit union, the foundation’s mandate is to improve the lives of people living in our communities,” says foundation executive director Seline Kutan. “The creation of the Valley First endowment will ensure the Foundation is able to meet the needs of all of the communities served by First West Credit Union.”
Valley First is a division of First West Credit Union, B.C.'s third-largest credit union with 37 branches and 29 insurance offices throughout the Lower Mainland, Fraser Valley, Kitimat and Thompson-Okanagan-Similkameen regions. First West has approximately $5.6 billion in assets under administration, 167,000 members and more than 1,150 employees.
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