Launi Skinner, CEO, First West Credit Union

Launi Skinner, CEO, First West Credit Union | BCBusiness

Launi Skinner, CEO of First West Credit Union, discusses working big and acting local to bridge her company’s two regional brands.

For some people, success appears to come as naturally as breathing. After two years as CEO of First West Credit Union, which formed when Envision Financial and Valley First Credit Union merged in January 2010, Launi Skinner has proven she is such a person.

Skinner had spent 14 years at Starbucks Corp. and 18 months at 1-800-Got-Junk LLC when First West came calling. Tasked with scalable growth while creating new, innovative products for its members, Skinner entered the position with the belief that the key to First West’s success is its “unique model.” The company is made up of two regional brands, Envision and Valley First, that have managed to evolve together without one overshadowing or overstepping the other. “It’s ‘work big, act local’,” she says. “How do we take everything that’s great about being big and, on the flip side, remain local and relevant, pushing decision-making as close as we can to our members?

“I love the model of respecting the culture of credit unions,” Skinner continues, “while at the same time having the size to help.” She makes it sound like a ‘best of both worlds’ situation and, in reality, First West’s success is attributable to this, as well as six ideals laid out when Valley First and Envision merged: to succeed together, act local, value all, make common-sense decisions, create good things and inspire exceptional results.

Not surprisingly, this balancing act between thinking locally while acting big has helped the company to grow. Last year, First West’s net income increased 4.3 per cent to $34 million, while its total assets increased by 7.4 per cent to $5.46 billion. In addition, the combined buying power of Valley First and Envision Financial have led to improved discounts with existing vendors as well as new business opportunities that neither would have independently been able to pursue. Case in point: Valley First secured its Penticton business due to the support of First West’s balance sheet – yet it only got the account in the first place because of its strong, existing relationships in the region.

When it comes to future growth, however, combined resources are only part of the story. While Skinner insists that the credit union’s fundamental strategy has not changed, initiatives have certainly been reprioritized. In 2011, for instance, loans to members increased by $289 million, or 6.5 per cent over 2010, signaling a greater emphasis on loan growth than initially anticipated. Similarly, after membership grew by more than eight per cent in 2011, Skinner is continuing to focus on upgrading First West’s customer response systems to make it simpler, faster and more accessible.

Skinner believes First West has been successful because every decision is made for its members. “We always ask, when does it need to be a regional decision and when do we agree to do it the First West way?” she explains. She admits she doesn’t know the ideal split, but believes wholeheartedly that at least it’s the right approach. To Skinner, balancing local interests with greater resources, with the best interests of members in mind, will continue to prove itself as the model for success.

“We’re absolutely on the right track,” she says. “We spent two years building the foundation, the team, and working the strategy, and now we’re really starting to see the fruit.”