First West Credit Union and Island Savings are in "exploratory discussions" about a possible merger, the boards of both organizations announced September 11.
The merger would see Island Savings retaining its local brand, leadership and focus.
"We're so excited to be partnering with Island Savings," said Launi Skinner, CEO of First West Credit Union. "They have such a connection with Islanders and really get what it means to be local and create remarkable experiences for their members.
"What First West can offer is the behind-the-scenes support so that more of those local, remarkable experiences can happen for more Islanders."
Island Savings board chair James McKenzie said, "We believe the timing is right to look ahead at opportunities to strengthen our future while building on our strong foundation for the benefit of our members, our employees and the communities we serve on the Islands."
"Together our credit unions will have greater resiliency to market fluctuations and be more agile in meeting our members' needs today and into the future."
The organizations plan to undertake due diligence and seek regulator consent before finalizing a merger agreement.
The merger would also require a vote from the Island Savings membership, expected to take place in early 2014.
