Coast Capital Savings
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|
| Credit Union | |
| Industry | Financial services |
| Founded | 1940 |
| Headquarters | Surrey, British Columbia, Canada |
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Key people
|
Don Coulter, President and CEO |
| $62.0 million CAD (2014) | |
| Total assets | $17.0 billion CAD (2014) |
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Number of employees
|
1,600 (2014) |
| Website | coastcapitalsavings.com |
Coast Capital Savings Credit Union is a member-owned financial co-operative headquartered in Surrey, British Columbia. By membership, it is the largest credit union in Canada with 535,000 members and $17.1 billion in assets. Coast Capital Savings has 50 branches in the Metro Vancouver, Fraser Valley, Okanagan and Vancouver Island regions of British Columbia.
Coast Capital Savings found its beginnings in 1940 as a co-operative of BC government employees later emerging as Pacific Coast Savings Credit Union throughout a series of mergers of local Vancouver Island credit unions. Seven years later, Surrey Metro Savings and Richmond Savings were formed in the Lower Mainland of British Columbia.
Coast Capital Savings Credit Union was created out of a merger on December 31, 2000 between Pacific Coast Savings Credit Union and Richmond Savings Credit Union. In June 2002, Coast Capital Savings merged with Surrey Metro Savings, expanding the reach of the credit union from Vancouver Island to the Fraser Valley.
In the years that followed the merger with Surrey Metro Savings, Coast Capital Savings has seen membership growth from 300,000 members in 2002, to 522,000 members in 2015. The asset base of the credit union has doubled from $6.1 billion to $12.6 billion between 2002 and 2012.
From October 17 to November 28, 2016, a vote was held for members on whether or not Coast Capital Savings should become a federal credit union. 79.2% of the 79,726 voting members voted in favour of moving forward to become a federal credit union, the announcement coming from a Special General Meeting held on December 14, 2016. Coast Capital Savings will be the second federal credit union, after New Brunswick's Fédération des caisses populaires acadiennes (UNI) in July 2016. It is projected Coast Capital Savings will become a fully accredited federal credit union in 2018.
Coast Capital Savings has a focus on youth in their work with the community, promoting the development of financial literacy, academic success, sound social belonging within the community, and stable mental health. Coast Capital Savings invests 7% of pre-taxed profits to programs that support youth in those areas. Notable initiatives of the credit union include the Canadian Cancer Society's Cops for Cancer campaign, the University of British Columbia's Innovation Hub, CKNW's Pink Shirt Day, and the United Way of Victoria's Youth In Action program.
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Wikipedia