Adrian Legin, President and CEO of Coastal Community
NANAIMO – Coastal Community Credit Union has signed a Memorandum Of Understanding with BlueShore Financial to explore a merger that would form a combined credit union serving Vancouver Island and the lower mainland that would be one of the largest in the province.
Together, the merger would create one of the largest credit unions in B.C., with 118,000 members, 36 branches, over 800 employees and close to $12 billion in assets under administration.
Coastal Community, founded in 1946, has 450 employees, 24 branches, serves 85,000 members and has $4.2 billion in assets under management, delivering services from Port Hardy to Victoria and the Gulf Islands.
BlueShore Financial has 12 branches and 370 employees, and serves more than 33,000 members and has $7.5 billion in assets. Founded in 1941 in North Vancouver, BlueShore Financial has expanded its branch network to Greater Vancouver and the Sea to Sky region, from Pemberton to Kerrisdale and from
“Coastal Community and BlueShore Financial have exceptional strengths and offerings and deep roots in the communities we serve across the West Coast and Vancouver Island. Through this potential combination, we will build a more resilient, purpose-driven credit union that’s dedicated to creating sustainable benefits for our communities now and for future generations,” says Dominique Roelants, Chair of Coastal Community’s Board of Directors.
Diana Chan, Chair of BlueShore Financial’s Board of Directors, notes “Both credit unions are driven by a common vision for the future and strong cooperative values. We’re excited about the opportunity to create a stronger credit union that can do so much more for our members, clients, employees and local communities than either of us could individually.”
Adrian Legin, President and CEO of Coastal Community, adds “The pace of change within our industry is very significant. Some of the challenges faced by financial institutions include growing competitive pressures, increasing regulatory requirements, being relevant to younger members and clients, and the need for greater investment in technology such as preparing for open banking and delivering more personalized digital member experiences.
“By coming together as a larger credit union, we can apply our combined expertise and financial scale to better respond to both growing pressures and exciting opportunities.”
With the MOU in place, the two credit unions will now conduct the due diligence process to assess the merger opportunity. Should the boards of directors of both credit unions agree to pursue a merger, the transaction would be subject to regulatory consent by B.C.’s Superintendent of Financial Institutions and any applicable member vote as may be required under credit union legislation.
Business Examiner Staff