On April 1, 2026, First West Credit Union reached a historic milestone, becoming a federal credit union operating as Tru Cooperative Bank. This transition marked the successful completion of an eight‑year journey for the 80‑year‑old, member‑owned cooperative.

Tru Cooperative Bank CEO Launi Skinner has underscored that federal continuance is not an end point, but a starting point—positioning the organization to offer Canadians a strong, cooperative alternative within a banking landscape dominated by six large banks.

“Becoming federally regulated is about being ready for what our members need next,” said Skinner. “As Tru Cooperative Bank, we can deliver the stability and sophistication Canadians expect from a leading bank, while deepening the personalized advice, local decision‑making and member‑first focus that define our cooperative. Canadians shouldn’t have to choose between scale and service, or digital convenience and personalized advice that’s truly in their interest.”

Now operating under the prudential oversight of the Office of the Superintendent of Financial Institutions (OSFI), the British Columbia‑based Tru Cooperative Bank has already begun serving Canadians beyond B.C. It delivers a distinctive banking model grounded in cooperative ownership, values‑informed governance, community‑based decision‑making, and personalized service.

Tru Cooperative Bank’s evolution also reflects a broader shift within the credit union system. Federally regulated credit unions now account for $47 billion of the $330 billion in assets held by Canadian credit unions nationwide. By assets, the federal credit union system now represents the third‑largest grouping of credit unions in Canada, behind only British Columbia and Ontario.