PenderBlog From The Pender Islands Of Canada

November 20, 2012

Island Savings Comes to Pender Island

Filed under: Services — Jocko @ 2:35 pm

From Island Savings:

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November 19, 2012

Island Savings, a financial institution that is well known for its personal service and deep loyalties to Island families and businesses, announced today that its expansion plans will now include Pender Island.

This December, Island Savings will be opening a branch at Driftwood Centre. The location was formerly held by HSBC, who is leaving the Island on December 7th after nearly 25 years of operation.

“We have a very successful banking model that is well suited for Island living,” explained Rod Dewar, President and CEO of Island Savings. “Our original expansion plans for 2012/2013 were focused primarily on the Victoria and Duncan areas; however, when we heard about the dilemma that Pender Island residents and business owners faced, we felt compelled to look seriously at a solution that would work for the Island community and ourselves.”

“We look forward to welcoming Pender Island residents to Island Savings and have a transition plan in place. We expect to be operational within the week of December 10th

Pender Island resident Janie McAulay will be working with Island Savings to set up operations for the branch. McAulay is also a former General Manager of the financial institution and is optimistic about the fit. “Island Savings stepping forward is not only a great relief for us; their brand philosophy is an ideal fit for the unique character of the Island,” she said.

“Their exceptional level of professionalism, focus on community investment and personal style of customer service reflects the values we on Pender Island take great pride in. When an organization of this size takes a personal interest in addressing the challenges that we are facing here, it says a tremendous amount about the type of community partner we will have moving forward.”

Other residents of the Island also agree. “It’s a big relief for Pender Islanders to know that there will continue to be a financial institution on the Island,” commented Jan Garnett, a Pender resident since June after many years in the Victoria area. “The fact that Island Savings has stepped forward to fill the gap says a lot about their understanding of Island community values. As fans of their way of doing business, many of us are very pleased.”

To make it easier for residents and businesses who wish to transition to Island Savings, they will be invited to do so by either accessing an online membership form after November 26th, or by meeting with Island Savings employees who will be in the community – offering in person assistance to help bridge any banking needs – prior the closure of HSBC on December 7th.

Island Savings will also be extending their Waves of Kindness offer to new members of their Pender Island branch, until December 31. For every new member account that meets the offer’s criteria, the account holder will receive $50 and can direct a matching donation of $50 from Island Savings to a registered, local charity of his or her choice.

The Pender Island branch will join Island Savings’ newest Tuscany (December 2012) and Jubilee (Spring 2013) locations in Victoria and the newly renovated Duncan Centre location as part of their three-year, $15M expansion plan announced at the beginning of this year.


Frequently Asked Questions:When will Island Savings be operational on Pender Island?

  • We expect to be open to the public within the week of December 10th.

What will happen to the staff at the HSBC location?

  • The staff that residents have worked with over the years will continue to support Pender Island through Island Savings.

What financial services will Island Savings offer?

  • We want to help the residents and businesses of Pender Island very quickly, so we will be introducing our banking services in two phases.
    • Phase 1: During the initial 60 days we will offer basic deposit and transaction services, account openings, term deposits and RRSPs. Support will be offered from Island Savings’ other branches (primarily Brentwood) for any other banking needs.
    • Phase 2: We will include virtually all other services including credit cards, lending through our business development team, small business services and bi-weekly Personal Financial Planning + Advice appointments.

How can Pender Island residents and businesses start transitioning financial affairs to Island Savings now? Do we have to wait?

  • Pender Island residents and businesses will be able to apply online for Island Savings membership and begin the account opening process after November 26.
  • Island Savings staff will also be available on Pender Island to assist with new accounts and transitions as well, with exact details still being finalized.

How can we connect with Island Savings?

  • We want to get to know you! Island Savings will be participating in community events so that residents will have a chance to meet us and have their questions addressed in person. Notifications of dates and times and locations will be posted on our website, iscu.com, and at locations around Pender Island.

Island Savings is the Islands’ most recommended banking experience. As a Top 50 Best Employer in Canada, its neighbourhood experts offer financial, insurance and investment advice and products to over 58,000 Islanders. Managing a total portfolio of $2.8B under administration, Island Savings is investing $15M from 2012-2015 to expand their branch network and all service delivery platforms. Their successful Growing Island Families Together (GIFT) program has proudly given $6.45M back to members and community organizations in recent years.

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