The Sunshine Coast Credit Union plans to merge with Prospera Credit Union and Coast Capital Savings Federal Credit Union.
An April 3 press release states the stronger national purpose-driven credit union will create more value for members and employees and more choices for Canadians and that the combined strength brings the ability to invest in more products, services and digital banking technology.
Sunshine Coast Credit Union says it’s currently in the due diligence phase.
The combined credit unions have more than $38.6 billion in assets under administration, 2,500 employees, and 730,000 members in 70 branches across the Lower Mainland, Vancouver Island, Lower Sunshine Coast, and the Okanagan, said the release.
The Sunshine Coast Credit Union’s website clarifies there will be no branch closures on the Sunshine Coast as a result of the merger. “Our same friendly employees will still be there to help our members in our branches and members can bank as they normally would,” it says.
The release says 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 the continuance and the merger.
Because 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 and Sunshine Coast credit unions will transition from provincial credit unions before becoming federal in a process called “continuance” and then immediately merge with Coast Capital to become a B.C.-headquartered federally regulated credit union. The press release says this will allow the credit union to serve business and personal banking members as they move and grow outside B.C.
The combined credit union will provide more competitive products and services, personalized advice and specialized expertise, and improved member experience, (including access to more branches) enhanced digital banking tools and technology, and community initiatives to create a greater impact in the local community, says the release.
The Sunshine Coast Credit Union was founded in 1941, by a small group of neighbours on the Coast. Now, more than 80 years later, the Sunshine Coast Credit Union continues to grow and provide banking services to the Sunshine Coast.
Residents with questions about the merger are encouraged to visit the Sunshine Coast Credit Union in-branch, by email: [email protected] or by phone: 604 740-2662.
“Together, we’ll preserve and evolve the unique value of cooperative banking—people helping people, local perspective and community investment,” said Shelley McDade, CEO of Sunshine Coast Credit Union in the release. She added that they are excited to be able to invest in the products, expertise and digital tools that meet their members’ needs today and for generations to come.
Gavin Toy, president and CEO of Prospera, said, “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.”
“As Canada’s largest national purpose-driven credit union, we’ll still be the same local, friendly team our members and communities count on,” said Calvin MacInnis, president and CEO of Coast Capital in the release.
Jordan Copp is the Coast Reporter’s civic and Indigenous affairs reporter. This reporting beat is made possible by the Local Journalism Initiative.
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