Coast Capital Savings

Coast Capital Savings Federal Credit Union (formerly Coast Capital Savings Credit Union) is a member-owned financial co-operative headquartered in Surrey, British Columbia. By membership, it is among the largest credit unions in Canada with 535,000 members and $25.2 billion in assets. Coast Capital Savings has 52 branches in the Metro Vancouver, Fraser Valley, Okanagan and Vancouver Island regions of British Columbia.[4]

Coast Capital Savings Federal Credit Union
Coopérative de crédit fédérale Coast Capital Savings
TypeFederal Credit Union
IndustryFinancial services
Founded1940
HeadquartersSurrey, British Columbia, Canada
Key people
Calvin MacInnis,
President and CEO
$75.7 million CAD (2017)[1]
Total assets$25.2 billion CAD (2019)[2]
Number of employees
1,600 (2014)[3]
Websitecoastcapitalsavings.com

History

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.[5]

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. At the time, the merged entity's $3.2 billion in assets made it the second largest credit union in Canada behind Vancity's $6.4 billion.[6] In June 2002, Coast Capital Savings acquired Surrey Metro Savings, expanding the reach of the credit union from Vancouver Island to the Fraser Valley.[7][8]

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.[7]

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. Pursuant to a federal letters patent, Coast Capital is to be renamed as Coast Capital Savings Federal Credit Union (and in French Coopérative de crédit fédérale Coast Capital Savings) effective November 1, 2018.[9]

Community Initiatives

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.[10] 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,[11] and the United Way of Victoria's Youth In Action program.[12]

Awards and distinctions
  • 2015 Giving Hearts Outstanding Corporation Award, Vancouver Chapter of the Association of Fundraising Professionals (AFP) (November 2015)[13]
  • Top Corporate Culture Award, Waterstone Human Capital (November 2014)[14]
  • Member of Canada's Best Managed Companies Platinum Club, (2000-2014)[15]
  • BC's Top Employers Award, Canada's Top Employers (February 2014)[16]
  • United Way Top Contributor Award, United Way Lower Mainland (March 2013)[12]
  • Top Chief Financial Officer in British Columbia, awarded to Don Coulter CEO, Business in Vancouver Magazine (2013)[17]


References
  1. "Coast Capital Savings has record year". Vancouver Sun. March 6, 2013.
  2. "Coast Capital achieves record net income and half million membership milestone" (Press release). Surrey, BC: Coast Capital Savings. March 5, 2013. Retrieved May 14, 2013.
  3. Coast Capital Savings 2012 Annual Report – About Us
  4. "Coast Capital Savings Credit Union - Annual Report". www.coastcapitalsavings.com. Archived from the original on October 16, 2006. Retrieved January 12, 2016.
  5. "Credit Unions - University of Victoria". www.uvic.ca. Retrieved January 12, 2016.
  6. Kennedy, Peter (September 8, 2000). "Two B.C. credit unions to merge". The Globe and Mail. Archived from the original on November 30, 2020. Retrieved November 30, 2020.
  7. "Coast Capital Savings Credit Union - Our History". www.coastcapitalsavings.com. Archived from the original on October 16, 2006. Retrieved January 12, 2016.
  8. "Two big B.C. credit unions plan to merge". Canadian Broadcasting Corporation. March 5, 2002. Archived from the original on August 14, 2016. Retrieved January 12, 2016.
  9. Coast Capital Savings Credit Union moving to federal regulation
  10. "Coast Capital Savings Credit Union - Our Community Impact". www.coastcapitalsavings.com. Archived from the original on August 16, 2016. Retrieved January 12, 2016.
  11. "Coast Capital Savings Credit Union - Partnerships and Events". www.coastcapitalsavings.com. Archived from the original on August 15, 2016. Retrieved January 12, 2016.
  12. "Youth Engagement - United Way". United Way. Retrieved January 12, 2016.
  13. "Outstanding Corporation - AFP Vancouver - Association of Fundraising Professionals Vancouver Chapter". www.afpvancouver.org. Retrieved January 12, 2016.
  14. "Full Winners". www.canadasmostadmired.com. Retrieved January 12, 2016.
  15. "Coast Capital Savings Credit Union - Coast Capital receives national mark of excellence as a Best Managed Company for 14th year". www.coastcapitalsavings.com. Retrieved January 12, 2016.
  16. "BC's Top Employers". www.canadastop100.com. Retrieved January 12, 2016.
  17. "Business in Vancouver unveils 2013 CFO of the Year winners". Business In Vancouver. Retrieved January 12, 2016.
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