New prez at Valley First
There are big changes at the top at Valley First and First West credit unions. Paulo Araujo, previously vice-president or retail and business banking, is the new president at Valley First.
His move was made possible by former Valley First president Susan Ewanick taking on the new position of chief member officer at parent company First West.
“Paulo is truly the heart and soul of our credit union,” said Ewanick.
“He has a strong reputation for building relationships and showing compassion for our members and employees. Paulo is always putting our members’ needs first, leading our teams to ensure each member is receiving the right advice at the right time.”
So far, in Araujo’s 20-year career in financial services, he’s worked his way up from front-line member services adviser to branch manager to senior manager of retail credit to regional manager of retail banking to president.
“(The company) cares for its employees as much as it does its members, and for that I’m grateful,” said Araujo.
“This approach is what afforded me the knowledge, skills and growth in leadership I needed to fulfill my roles over the last 20 years.”
Penticton-based Valley First has 16 branches and 11 insurance offices in the Okanagan, Similkameen and Thompson.
It’s part of the Langley-based First West family that has a total of 54 branches and 39 insurance offices throughout B.C. and also includes the Envision Credit Union, Island Savings and Enderby & District Financial divisions.
With a total of $10 billion in assets under management and 250,000 members First West is the third largest credit union in the province behind Vancity and Coast Capital Savings.
Penticton First
It’s the modern equivalent of shop local. The Penticton and Wine Country Chamber of Commerce’s #PentictonFirst campaign is a digital initiative encouraging chamber members, the entire business community and the city’s entire population to support one another.
To tie into social media’s popularity, every time you shop at a local business, post a photo or shout out to your favourite platform such as Facebook, Instagram, Twitter, YouTube or Linkedin with the hashtag #PentictonFirst and tag @chamberpenticton.
Every #PentictonFirst post will be entered to win a quarterly prize.
The draw for the first prize is April 5 and the winner will get a night of accommodation for two at Chute Lake Lodge with bike rentals to ride the Kettle Valley Rail trail and canoe rental to paddle on Chute Lake.
The chamber has launched the campaign because shopping local is a huge boost to the economy.
For every $100 spent at a local business, $68 stays in the local economy.
Meantime, $100 spend at a non-local business returns only $43 to the local economy.
“The chamber wishes to encourage you to explore a local shop you’ve yet to stop into, become a tourist in your own town, try a new restaurant to experience, spend
an evening at a Vees game, a concert or play,” said chamber director Nicole Clark.
“Invite family and friends. Soak in all this wonderful city has to offer.”
Canada Jetlines
Ultra-low-cost airline Canada Jetlines has announced it will fly in and out of Kelowna, but it isn’t saying when or what routes.
A news release from the airline this week outlined its intentions to make Kelowna and Winnipeg two of its launch cities, but provided few other details.
“It was more of a positioning announcement,” said Kelowna airport director Sam Samaddar.
“Canada Jetlines is showing the investment community it’s serious. It doesn’t have a launch date yet and its business plan is evolving. But it’s great to see Kelowna is on Canada Jetlines’ radar. There is definitely a market for ultra-low-cost carriers.”
Canada Jetlines can’t set a start date and routes until it completes the airline licensing process and receives all regulatory approvals.
“Jetlines is thrilled to announce future ultra-low-fare service to Kelowna International Airport,” said Canada Jetlines CEO Javier Suarez.
“The Okanagan region represents a very significant leisure market for Canadians and we look forward to helping more people visit the country’s only desert. We firmly believe our fares should stimulate more tourism and travel in the region.”
In the past, Canada Jetlines has mentioned routes between Hamilton and Halifax, Winnipeg, Calgary, Edmonton and Vancouver as possibilities.
It didn’t have Kelowna in the mix at the time.
Company information also cites plans to fly 186-seat Airbus A320 jets from Canadian cities to American, Mexican and Caribbean destinations.
With any luck, Kelowna could get service to some domestic and sun destinations with the Canada Jetlines launch.
Ultra-low-cost airline Flair already serves Kelowna with flights to its hub in Edmonton and will add season flights between Kelowna and Calgary and Vancouver starting in May.
Also in May, WestJet’s ultra-low-cost carrier Swoop will offer seasonal flights between Kelowna and Winnipeg.
Tourism repeat
For the second consecutive year, the Thompson Okanagan Tourism Association (TOTA) has picked up the North America’s responsible tourism leader trophy at the World Travel Awards.
“This recognition is such an honour as it comes from tourism industry leaders from around the globe and reinforces the association’s commitment to advancing the region as a leader in sustainable and responsible tourism,” said TOTA CEO Glenn Mandziuk, who picked up the trophy at a ceremony in Jamaica.
“As always, TOTA’s success wouldn’t be possible without the leadership, support and innovation shown by our provincial tourism ministry, Destination British Columbia, community tourism and First Nations partners, and the more than 4,500 member industry stakeholders across the region.”
While TOTA’s mandate is to grow the already strong local tourism sector that attracts 3.5 million visitors a year who spend $2 billion, it does so respecting the region’s social, cultural and environmental foundations.
Investment update
A trio of Odlum Brown Investments executives will be in Kelowna Monday to outline what’s in store with investment markets in 2019.
Odlum Brown, which has offices in Kelowna, Vancouver, Chilliwack, Langley, Courtenay and Victoria, will hold its 25th annual address at 2 p.m. at the Coast Capri Hotel.
CEO Debra Hewson will talk about the firm’s approach to growing and preserving clients’ wealth for generations.
Director of investment research Murray Leith’s presentation will focus on finding investment comfort in a troubled world.
And equity research analyst Steve Boland will explain how Odlum Brown evaluates companies eventually recommended as investments.
Steve MacNaull is The Okanagan Weekend’s business and wine reporter and columnist. Reach him at steve.macnaull@ok.bc.ca.