First West Credit Union, a leading Canadian financial cooperative, has successfully completed a major financial milestone with the closing of its senior deposit note offering that attracted overwhelming investor interest.
Record-Breaking Investor Demand
The Langley-based credit union announced it closed its offering of $200 million in fixed rate senior deposit notes due on November 15, 2027. The offering generated exceptional market response, with final orders reaching $1.07 billion—more than five times the initial target. Due to this strong demand, First West increased the offering size from an originally planned $150 million to the final $200 million amount.
The notes bear a fixed interest rate of 3.691% per annum, with interest payments scheduled semi-annually beginning May 15, 2026. This marks the credit union's fourth note offering since 2022, demonstrating its established presence in capital markets.
Strategic Significance and Leadership Perspective
Mark Moreland, Chief Financial and Strategy Officer at First West Credit Union, emphasized the offering's importance. "This milestone reflects the strength of First West and the confidence investors have in our vision," Moreland stated. "Upsizing from $150 million to $200 million and attracting $1.07 billion in orders shows we're already competing at scale and delivering exceptional value."
He further noted that the successful offering demonstrates that the credit union's strategy is working as it advances toward federal continuance. "As we grow, we're helping shape the future of cooperative banking—proving that member-focused institutions can lead nationally with strength, innovation, and purpose," Moreland added.
Institutional Strength and Market Position
First West Credit Union maintains substantial financial strength, with approximately $20 billion in assets and assets under administration. The institution serves 283,000 members throughout British Columbia, positioning it as one of Canada's largest credit unions.
The credit union has received strong credit ratings from Morningstar DBRS, including R-1 (low) Short-Term and BBB (high) Long-Term ratings, reflecting its financial stability and creditworthiness.
The offering was managed by Desjardins Capital Markets and Scotiabank, who acted as joint bookrunners. Legal representation included McCarthy Tetrault for First West and Stikeman Elliott for the bookrunners and co-managers.
First West operates through four community brands: Envision Financial, Valley First, Island Savings, and Enderby & District Financial, with 45 branches across B.C. Since 2010, the credit union has given back more than $41 million to its communities while cultivating a recognized workplace culture that has earned multiple national awards.
