BRITISH COLUMBIA – Members of Prospera Credit Union, Coast Capital Savings Federal Credit Union and the Sunshine Coast Credit Union have voted in favour of merging to form a combined federal credit union.
The merger will create Canada’s largest national purpose-driven credit union by bringing together two provincially regulated credit unions and one federally regulated credit union.
To enable the merger with Coast Capital, members of Prospera and Sunshine Coast voted in favour of a two-step process: First, to continue under federal regulation for the sole purpose of amalgamation; and Second, to proceed with the merger immediately afterwards. As Coast Capital is already federally regulated, its members were only required to vote on the merger. In all three cases, members voted strongly in favour, surpassing the two-thirds threshold needed to proceed to the next stage of regulatory approvals.
Together, they hold more than $38.6 billion in assets under administration, 2,500 employees, 730,000 members and 70 branches across the Lower Mainland, Vancouver Island, the Lower Sunshine Coast and the Okanagan. The three credit unions will now seek the regulatory approvals necessary to complete the merger. Approvals will be sought from the BC Financial Services Authority and Credit Union Deposit Insurance Corporation with respect to the federal continuances of Prospera and Sunshine Coast, as well as from the Competition Bureau and the federal Minister of Finance. Pending the approvals, it’s expected the combined federal credit union will be formed in 2026.
“I am thrilled we’re one step closer to becoming a combined federal credit union,” says Gavin Toy, President and CEO, Prospera. “We’re building on our strong foundation to deliver greater innovation, deeper impact and financial solutions that truly prioritize our members’ best interests.”
Calvin MacInnis, President and CEO of Coast Capital, adds “The successful vote to unite our three credit unions demonstrates strong member support for a national, purpose-led alternative in Canadian banking. We’re grateful for our members’ trust and look forward to building a stronger future together.”
Shelley McDade, CEO of Sunshine Coast, notes “This is a significant milestone in preserving and amplifying the unique value of cooperative banking. Achieving the scale required to invest in our member and employee experience while at the same time honouring our 80+ year legacies is truly a win-win. Thank you to our members for your support and taking this historic and exciting next step with us.”
In appreciation of member and employee participation in the vote, each credit union will make a donation: Prospera to Special Olympics BC, Coast Capital to the Youth Futures Education Fund and Sunshine Coast Credit Union to the Sunshine Coast Foundation.
Prospera 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 is proud to serve communities throughout the Lower Mainland, Fraser Valley and Okanagan.
Coast Capital has nearly 600,000 members and is a Certified B Corporation™.
Sunshine Coast Credit Union holds approximately $1.2 billion in assets under administration, and is a cooperative financial institution delivering services to close to 17,000 members through three branches.
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