Adrian Legin
Vancouver Island & the Gulf Islands – Through its recent Annual General Meeting and Annual Report, Coastal Community Credit Union (CCCU) looked back at 2020 with a focus on how they’ve helped Islanders, businesses and communities affected by COVID-19. The Credit Union’s efforts included providing a variety of financial relief measures, supporting not-for-profits in new and innovative ways, and adjusting business operations so that they could remain of service.
“As an essential service provider, we were relied upon to help. That really speaks to the role that we, as a credit union, play in people’s financial lives and in overall economic recovery,” said Adrian Legin, CCCU’s President and CEO. “At Coastal Community, we’re also mindful that we can strengthen the financial well-being of those we serve in any given situation. Improving financial health is our purpose, which is why we focused on getting people through the circumstances of 2020 while also helping them plan and prepare for the better times ahead.”
In its 2020 Annual Report and its virtual AGM, held in late April, CCCU detailed some of the many ways they assisted their members and clients. The list includes waiving some personal and business fees, deferring payments on over $300 million in loans and mortgages and administering $32 million in critical government funding to local businesses.
To share learnings, the Credit Union organized virtual forums around business resilience and financial wellness. CCCU also created a fast-acting Relief and Resiliency Fund to help not-for-profits deal with the effects of COVID-19. The new program was part of the half a million dollars the Credit Union invested in 2020 to support the social and economic well-being of Island communities and people at risk.
According to Legin, the organization remains well positioned to continue to help Islanders and island economies recover from a tough year. Despite pandemic challenges, Coastal Community reached a new milestone in their 2020 key financials. CCCU crossed the $3 billion mark with $3.08 billion in total on-book assets last year. Adding $825 million in off-book assets managed by CCCU’s wealth management subsidiary increased the total to almost $4 billion assets under management at year’s end. This number continues to grow into 2021.
CCCU strengthened its financial position with a strong balance sheet and solid earnings, helped by a historically low delinquency rate in its loan portfolio. Across the financial sector last year, deposits were up sharply as Canadians built up their rainy day funds. The strength and stability inherent in the Credit Union means that it can continue to help members, clients and communities get back on track.
Evelyn Clark
Coastal Community, which is among the top ten percent of credit unions in Canada by asset size, also made the 2020 lists for Best Workplaces in Financial Services and Insurance in Canada and placed among the Best Workplaces in British Columbia, as determined by Great Place to Work®.
“Given the impact of COVID-19, that’s a huge achievement, and it belongs to our entire employee team,” said Evelyn Clark, Chair of the Board of Directors for CCCU. “I speak for the Board when I say that I’m so proud of the way our dedicated staff pulled together to support Islanders through the year’s challenges, while keeping their short and long-term financial health needs at the forefront.”
At CCCU’s virtual AGM, meeting attendees also learned the results of the Directors Election. Incumbents Lynne Fraser, Susanne Jacobsen and Michael Mascall were re-elected to the Board, bringing extensive experience and expertise with them to help steer the Credit Union through the pandemic and beyond.
Those interested in learning more about Coastal Community’s accomplishments from the past year are invited to read the online version of its 2020 Annual Report. To learn more about CCCU’s member-elected Board, please visit cccu.ca.
