Launi Skinner, CEO of Tru Cooperative Bank
Tru Cooperative Bank is marking a historic shift as it is now a federally regulated financial institution with national reach. Formerly First West Credit Union, the B.C.-based credit union has more than 80 years of history and continues to operate through its regional brands: Envision Financial, Island Savings, Valley First and Enderby & District Financial.
We spoke with CEO Launi Skinner about how Canada’s banking system is changing, why many Canadians are looking for alternatives to traditional banks and what cooperative banking could mean for the future of financial choice.
Why was now the right time to become federally regulated and rebrand as Tru Cooperative Bank. What does it signify?
Cooperative financial institutions in Canada have traditionally been provincially regulated, and for years that limited how we could serve members whose lives and businesses extend across Canada.
Our chair of the board used to say, “If you were starting a business today, you wouldn’t draw the boundary as small as a province — you’d open up the possibilities.” That idea stuck with us.
After years of preparation and engagement with our members, we became federally regulated on April 1, 2026. That was a significant step forward — it gives us the ability to grow and serve Canadians more fully, wherever they live and work.
At the same time, it felt like the right moment to introduce ourselves to the country in a new way. The name “Tru Cooperative Bank” really gets at the heart of it for us. It reflects a commitment to trust, transparency and doing what’s right — principles we believe should be more visible and tangible in banking today.
So this isn’t just a name change. It’s a signal of where we’re headed — growing nationally, competing more broadly and offering Canadians a different kind of banking experience rooted in cooperative values.
What was the thinking behind including the words ‘cooperative bank’ in the new name?
Our industry association, the Canadian Credit Union Association (CCUA), has done a lot of research on the consumer landscape. One finding that comes up again and again is Canadians simply don’t understand what a credit union is. By contrast, the word ‘bank’ carries a clear and widely understood meaning. But pairing ‘cooperative’ with ‘bank’ makes it different—and it’s very intentional. It tells you not only what we do — provide banking services — but also how we do it, which is the cooperative way where members’ interests come first. A cooperative bank is owned by our members, not by shareholders. By calling ourselves a cooperative bank, we want to signal that we have federally regulated strength, national capability and credibility within the financial system — delivered through a cooperative, member‑owned model that puts members’ interests first.
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What does it mean to be a cooperative bank, and how is that different from a traditional bank?
The biggest difference is who we’re built to serve. As a federally regulated financial institution, we meet the same expectations as others in terms of stability, governance and oversight. But we’re owned by our members — not shareholders — so every decision is made in their best long-term interest.
Canada has the most concentrated banking system in the world — six large banks dominate. And so, the smaller, more domestic financial institutions are challenged with scale. We don’t have what we call a middle tier. Our vision for Tru Cooperative is to fill that gap. We see Tru Cooperative Bank filling an important middle tier in Canada’s highly concentrated banking system — increasing competition, improving choice for Canadians, and ensuring capital reaches entrepreneurs and communities beyond major urban centres. There’s no question we have an ambition to grow, but we want to grow responsibly, compete nationally and differentiate from banks. We’re still member-owned and deeply connected with our communities.
What are common misconceptions about credit unions, and how do you address them?
One misconception is that people believe credit unions are small and limited in what they can offer. Our mission is to demonstrate that cooperative financial institutions can be national in scale. They’re sophisticated in capability, digitally advanced and in some cases better equipped to serve members’ long‑term interests, because cooperative banks are owned by the people who use them and are accountable directly to their communities.
Another common misconception is that growth automatically means losing personal service. Our experience shows the opposite. By operating through strong local brands, our teams stay embedded in the communities they serve, while benefiting from the tools, expertise and support of a larger cooperative. That combination allows us to strengthen personal connection not dilute them.
What are the biggest benefits of becoming a member of a cooperative bank?
When you become a member, you are not just opening an account. You have a voice in how the organization is run. Members elect the board and vote on major decisions — like our decision to become Tru Cooperative Bank as an example — which keeps leadership accountable to the people it serves.
That member-led structure also supports strong local decision-making. Instead of waiting for direction from a distant corporate head office, our teams can come together quickly to find the right solutions for members, which often means leveraging our strong local knowledge. This leads to more personal service and stronger relationships, particularly for small and mid-sized businesses rooted in their communities.
As a member-owned cooperative, profits are reinvested directly into communities through long-term partnerships, not one-off sponsorships. In 2025 alone, we invested more than $2.6 million in initiatives focused on food security, mental health and financial readiness, and our teams volunteered more than 7,200 hours. That is how cooperative banking turns member participation into lasting community impact.
