Our Story
Valley First Credit Union opened its doors in 1979 when a group of educators and municipal employees in Spokane pooled their resources to create a financial institution that would serve people — not profit from them. The founding group, frustrated by rising fees and impersonal service at commercial banks, drafted a charter rooted in cooperative principles. Every account holder would hold an equal ownership stake and an equal vote in selecting the board of directors. That charter, approved under NCUA oversight, established the foundation for everything Valley First has become.
Over the subsequent decades, the credit union expanded from a single branch and a few hundred members into a regional institution serving more than 85,000 member-owners across twelve branch locations. The service territory now stretches across eastern Washington and into northern Idaho communities. The cooperative structure never changed, even as the organization's asset base grew past two billion dollars. Members still receive pro-rated dividends, still elect board representatives, and still benefit from the not-for-profit model that channels earnings back into lower loan rates and higher savings yields.
The credit union weathered the savings-and-loan crisis in the 1980s by maintaining conservative underwriting standards when many institutions chased riskier lending. During the 2008 financial crisis, Valley First posted positive net income in every quarter and continued originating mortgage loans when national banks pulled back. NCUA examinations during this period confirmed the credit union remained well-capitalized throughout the downturn. The 2020 pandemic tested operational resilience, and the credit union responded by expanding digital banking capacity, launching remote account opening, and deploying curbside branch services within the first thirty days of lockdown orders.
Cooperative Ownership Model
A credit union differs from a bank in one structural way that shapes every other decision: the people who deposit money own the institution. At Valley First, a five-dollar deposit into a share savings account establishes ownership. One member, one vote — regardless of account balance. This governance model means the board of directors answers to the members who use the branches, call the support line, and rely on the mobile banking app each day. Commercial banks answer to shareholders who may own stock without ever conducting a transaction at the institution. The ownership distinction drives the rate decisions, the fee structure, the service priorities.
Volunteer governance is central to the cooperative model. Every director on the Valley First board serves without compensation. Directors are elected from within the membership and must maintain an active account. Board meetings are open to member observation and financial statements are published quarterly. The supervisory committee, a separate volunteer body, conducts internal audits and reports directly to the NCUA. This volunteer governance layer adds accountability that for-profit institutions do not replicate.
Excess earnings at Valley First — the equivalent of profit at a commercial bank — are distributed three ways: deposited into capital reserves that strengthen institutional stability, returned to members as dividends on share accounts, and reinvested into lower loan interest rates. The capital reserve ratio consistently sits above 10%, exceeding the 7% threshold that regulators classify as well-capitalized. The NCUA publishes quarterly financial performance reports that confirm these metrics for federally chartered credit unions.
Community Reinvestment
Valley First Credit Union participates in Community Development Financial Institution programs that direct capital into neighborhoods and business corridors where conventional lending appetite runs thin. The credit union's community development portfolio includes small-dollar mortgage products for first-time homebuyers with limited down payment capacity, micro-business loans for entrepreneurs who cannot meet traditional underwriting thresholds, and affordable housing partnership investments with nonprofit developers serving the Spokane and Coeur d'Alene metropolitan areas.
Financial literacy programming constitutes a second pillar of community engagement. Branch managers host free workshops covering household budgeting, credit score fundamentals, retirement account planning, and first-time homebuyer education. These sessions are open to the public regardless of membership status. In partnership with local school districts, Valley First provides classroom curriculum materials on personal finance for high school economics courses. The credit union's scholarship program awards ten annual grants to graduating seniors pursuing post-secondary education at accredited institutions in Washington and Idaho.
Employee volunteerism rounds out the community investment approach. Valley First staff members contribute paid volunteer hours to local food banks, housing rehabilitation projects, and youth financial literacy programs. The credit union's charitable giving policy allocates two percent of annual net income to 501(c)(3) organizations operating within the service region. Grant applications are reviewed quarterly by a committee composed of branch employees, not executive leadership — a deliberate structure to ensure community-level input drives allocation decisions.
Member-Owner Rights
Every person holding a Valley First account holds specific rights codified in the credit union's bylaws and reinforced through NCUA regulations. The right to vote in annual board elections. The right to attend and observe board meetings. The right to inspect financial statements. The right to petition for special membership meetings with sufficient signatures. The right to run for a board seat after meeting eligibility criteria. These governance rights do not exist at commercial banks, where customers are counterparties — not owners — of the institution. Federal consumer financial protection resources are available through the Consumer Financial Protection Bureau.
Branch Locations
| Branch | Address | City | Lobby Hours | Drive-Through |
|---|---|---|---|---|
| Riverside Main | 421 W Riverside Ave | Spokane, WA | Mon–Fri 9:00–5:30 | Mon–Fri 8:00–6:00, Sat 9:00–1:00 |
| South Hill | 2910 E 29th Ave | Spokane, WA | Mon–Fri 9:00–5:30 | Mon–Fri 8:00–6:00 |
| Spokane Valley | 14202 E Sprague Ave | Spokane Valley, WA | Mon–Fri 9:00–5:30 | Mon–Fri 8:00–6:00, Sat 9:00–1:00 |
| North Spokane | 7307 N Division St | Spokane, WA | Mon–Fri 9:00–5:30 | Mon–Fri 8:00–6:00 |
| Cheney | 415 1st St | Cheney, WA | Mon–Fri 9:00–5:00 | Mon–Fri 8:30–5:30 |
| Pullman | 1105 S Grand Ave | Pullman, WA | Mon–Fri 9:00–5:00 | Mon–Fri 8:30–5:30 |
| Walla Walla | 14 E Main St | Walla Walla, WA | Mon–Fri 9:00–5:00 | Mon–Fri 8:30–5:30 |
| Yakima | 3105 Summitview Ave | Yakima, WA | Mon–Fri 9:00–5:30 | Mon–Fri 8:00–6:00 |
| Kennewick | 4828 W Clearwater Ave | Kennewick, WA | Mon–Fri 9:00–5:30 | Mon–Fri 8:00–6:00, Sat 9:00–1:00 |
| Wenatchee | 9 S Wenatchee Ave | Wenatchee, WA | Mon–Fri 9:00–5:00 | Mon–Fri 8:30–5:30 |
| Coeur d'Alene | 211 E Coeur d'Alene Ave | Coeur d'Alene, ID | Mon–Fri 9:00–5:30 | Mon–Fri 8:00–6:00, Sat 9:00–1:00 |
| Boise | 924 W Main St | Boise, ID | Mon–Fri 9:00–5:30 | Mon–Fri 8:00–6:00 |
All Valley First Credit Union branches observe federal holidays. Extended hours may vary seasonally. Contact individual branches or call member support at (509) 555-0185 for current schedule information.