Coast Capital Savings

Coast Capital Savings
Credit Union
Credit Union
Industry Financial services
Founded 1940
Headquarters Surrey, British Columbia, Canada
Key people
 Bruce Schouten,
Interim - President and CEO
$75.7 million CAD (2017)[1]
Total assets $20.1 billion CAD (2017)[2]
Number of employees
 1,600 (2014)[3]
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 52 branches in the Metro Vancouver, Fraser Valley, Okanagan and Vancouver Island regions of British Columbia.[4]

History

Coast Capital Savings headquarters in Surrey, 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.[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. 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.[6][7]

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.[6]

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.[8]

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.[9] 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,[10] and the United Way of Victoria's Youth In Action program.[11]

Awards and distinctions

  • 2015 Giving Hearts Outstanding Corporation Award, Vancouver Chapter of the Association of Fundraising Professionals (AFP) (November 2015)[12]
  • Top Corporate Culture Award, Waterstone Human Capital (November 2014)[13]
  • Member of Canada's Best Managed Companies Platinum Club, (2000-2014)[14]
  • BC's Top Employers Award, Canada's Top Employers (February 2014)[15]
  • United Way Top Contributor Award, United Way Lower Mainland (March 2013)[11]
  • Top Chief Financial Officer in British Columbia, awarded to Don Coulter CEO, Business in Vancouver Magazine (2013)[16]

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 2013-05-14.
  3. ↑ Coast Capital Savings 2012 Annual Report – About Us
  4. ↑ "Coast Capital Savings Credit Union - Annual Report". www.coastcapitalsavings.com. Retrieved 2016-01-12.
  5. ↑ "Credit Unions - University of Victoria". www.uvic.ca. Retrieved 2016-01-12.
  6. 1 2 "Coast Capital Savings Credit Union - Our History". www.coastcapitalsavings.com. Retrieved 2016-01-12.
  7. ↑ "Two big B.C. credit unions plan to merge". www.cbc.ca. Retrieved 2016-01-12.
  8. ↑ "Members vote in favour of Coast Capital Savings becoming a federal credit union". www.coastcapitalsavings.com. Retrieved 2016-12-19.
  9. ↑ "Coast Capital Savings Credit Union - Our Community Impact". www.coastcapitalsavings.com. Retrieved 2016-01-12.
  10. ↑ "Coast Capital Savings Credit Union - Partnerships and Events". www.coastcapitalsavings.com. Retrieved 2016-01-12.
  11. 1 2 "Youth Engagement - United Way". United Way. Retrieved 2016-01-12.
  12. ↑ "Outstanding Corporation - AFP Vancouver - Association of Fundraising Professionals Vancouver Chapter". www.afpvancouver.org. Retrieved 2016-01-12.
  13. ↑ "Full Winners". www.canadasmostadmired.com. Retrieved 2016-01-12.
  14. ↑ "Coast Capital Savings Credit Union - Coast Capital receives national mark of excellence as a Best Managed Company for 14th year". www.coastcapitalsavings.com. Retrieved 2016-01-12.
  15. ↑ "BC's Top Employers". www.canadastop100.com. Retrieved 2016-01-12.
  16. ↑ "Business in Vancouver unveils 2013 CFO of the Year winners". Business In Vancouver. Retrieved 2016-01-12.
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