Published On: Tuesday, 08 May 2018
2017 a Record Year of Growth for Coastal Community Credit Union
VANCOUVER ISLAND - Coastal Community Credit Union (CCCU) had another year of record-breaking growth in 2017, ending the year ahead of plans in a number of key financials. CCCU, which is in the top 10% of the hundreds of credit unions in Canada, reported $2.4 billion in Credit Union on-book assets at the end of last year. The Credit Union also surpassed a new milestone of $3.0 billion in total assets under management.
CCCU provides personal, business and commercial banking services, complemented by its wholly-owned subsidiaries Coastal Community Insurance Services (2007) Ltd. (CCIS), which offers personal and commercial insurance solutions, and Coastal Community Financial Management Inc., which provides wealth management services through its Coastal Community Private Wealth Group division (CCPWG).
Serving over 100,000 Islanders through its family of companies, Coastal Community is the largest financial services organization based on Vancouver Island and the Gulf Islands, and has enjoyed significant growth over the past several years.
Building on 2016’s strong financial performance in lending and deposits, both portfolios again surpassed corporate goals last year. Lending increased by a record $231 million (12.0%), while member deposits grew by a healthy $150 million (7.6%). CCCU’s Average Return on Assets, which is a common marker of financial performance in the credit union industry, was the highest in seven years.
As a result of the growing online use which continues to transform how people access and spend their money, last year the organization added Interac Online to their digital platform to give members with debit accounts an easy and secure way to pay for online purchases.
CCIS was equally focused on providing excellent comprehensive solutions for Islanders and concentrated on deepening relationships which was received with a strong vote of confidence from clients. CCPWG collaborated with Interior Savings and First Ontario Credit Union to launch everythingretirement.com.
Retirees and pre-retirees will find blog posts, website content, Twitter posts and Facebook pages on the site to help them navigate this exciting phase of life.
In 2018, CCCU kicked off the year by launching a new and expanded Mastercard suite of products through a new credit card partner, Collabria Financial. In addition to offering a broader array of product choices and features, the move allows CCCU to provide members with a faster and smoother experience from the initial application to managing their credit card accounts.
In early January, the Credit Union was also proud to open its third branch in the Capital Regional District. The new Eagle Creek Village full service location includes the latest in banking conveniences and innovative solutions from the insurance, banking and wealth management divisions.
For more information about Coastal Community Credit Union’s key highlights from 2017, visit www.cccu.ca or visit your nearest location for a copy of the 2017 Annual Report.