Over the coming weeks, the credit unions will finalize merger discussions and share more information before members have the opportunity to vote.
SURREY – A trio of B.C. based credit unions have announced they intend to merge and create Canada’s largest national purpose-driven credit union.
Prospera Credit Union, Coast Capital Savings Federal Credit Union and Sunshine Coast Credit Union, combined, will hold over $38.6 billion in assets under their administration with 730,000 members in 70 branches across B.C., and 2,500 employees.
Prospera and Sunshine Coast are provincial and Coast Capital federal, and together, they will transition to federal regulation and become a federally regulated, BC-based credit union.
Following the merger, the combined credit union will continue to use the Prospera, Coast Capital and Sunshine Coast brands. The territories they cover include the Lower Mainland, Vancouver Island, the South Sunshine Coast and the Okanagan.
“Our credit unions share an 80-year legacy and the same values of helping people and communities thrive,” says Prospera President and CEO Gavin Toy. “Together, we aspire to do even more – building on our strong foundation to provide more innovative and impactful financial solutions, along with personalized advice that truly prioritizes our members’ best interests. This merger is an opportunity to shape a stronger future for all of us.”
Calvin MacInnis, President and CEO of Coast Capital, states “As Canada’s largest national purpose-driven credit union, we’ll still be the same local, friendly team our members and communities count on. We’re proud of our strong credit union roots, and that will never change. We were built by members, for members and we’ll always be committed to their financial well-being and success.”
Shelley McDade, CEO of Sunshine Coast Credit Union, notes “This merger is built on a deep and unwavering commitment to our members, employees and the communities we are honoured to be part of. Together, we’ll preserve and evolve the unique value of cooperative banking—people helping people, local perspective and community investment. At the same time, we’re excited that by coming together, we’ll be able to invest in the products, expertise and digital tools that meet our members’ needs today and for generations to come.”
Over the coming weeks, the credit unions will finalize merger discussions and share more information before members have the opportunity to vote.
Prospera and Sunshine Coast credit union members will vote on both the continuance and the merger. As Coast Capital is already federally regulated, its members will only vote on the merger. If successful, the credit unions will then seek regulatory approvals.
Prospera is built on 80 years of service in local communities, and is one of the largest credit unions in British Columbia, with approximately $9.3 billion in assets under administration and 115,000 members. With 24 branches, Prospera serves communities throughout the Lower Mainland, Fraser Valley and Okanagan. It has consistently been designated a Great Place to Work, including as one of the “Best Workplaces in BC” and “Best Workplaces in Canada.”
Coast Capital is a member-owned financial cooperative with a more than 80-year legacy and they have nearly 600,000 members. It is a Certified B Corporation™ and is a platinum member of Canada’s Best Managed Companies and one of Canada’s Most Admired Corporate Cultures.
Sunshine Coast Credit Union is over 80 years old, and has approximately $1.2 billion in assets under administration, with to close to 17,000 members through three branches, a digital platform and full-service member service centre.
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