February 25, 2015 was also an historic day for the ‘Namgis and the Village of Alert Bay. On this date ‘Namgis and the Village signed a memorandum of understanding with Vancity. This memorandum of understanding is the first of its kind in Canada that brings together a financial institution, a municipality and a First Nation to provide access to local banking services.
During the signing ceremony on February 25, 2015 Vancity announced that it will be establishing a branch on Cormorant Island later this year. Vancity will offer residents of Cormorant Island a full suite of banking services, including cash withdrawal and deposit, bill payments, mortgage and loan services, credit card services, investments and financial planning and business banking services.
In the memorandum of understanding, ‘Namgis and the Village of Alert Bay commit to encouraging Cormorant Island residents to support on-island banking services by signing up accounts at the Cormorant Island Vancity branch.
We wish to thank the steering committee, the financial expertise of Headwater Capital Consulting and the business support of IVM Business Solutions for their hard work and dedication in leading this initiative.