Coast Capital Savings Federal Credit Union
TypeFederal Credit Union
IndustryFinancial services
Founded1940 (1940)
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

Coast Capital Savings Federal Credit Union (formerly Coast Capital Savings Credit Union) is a member-owned financial co-operative headquartered in Surrey, British Columbia. It is among the largest credit unions in Canada with 600,000 members.[4] In 2022, Coast Capital's net income was at $94.1 million.[5] Coast Capital Savings has 52 branches in the Metro Vancouver, Fraser Valley, Okanagan and Vancouver Island regions of British Columbia.[6]

History

Coast Capital Savings began in 1940 as a co-operative of British Columbia government employees later emerging as Pacific Coast Savings Credit Union throughout a series of mergers of Vancouver Island credit unions. Seven years later, Surrey Metro Savings and Richmond Savings were formed in the Lower Mainland of British Columbia.[7]

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.[8] In June 2002, Coast Capital Savings acquired Surrey Metro Savings, expanding the reach of the credit union from Vancouver Island to the Fraser Valley.[9][10]

Coast Capital Savings membership grew from 300,000 members in 2002 to nearly 600,000 members in 2021.[11] The asset base of the credit union increased from $6.1 billion to over $22 billion between 2002 and 2022.[9][5]

From October 17 to November 28, 2016, a vote was held for members on whether Coast Capital Savings should become a federal credit union. 79.2% of the 79,726 voting members voted in favour, with the announcement coming from a Special General Meeting held on December 14, 2016. Coast Capital Savings is 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 was renamed Coast Capital Savings Federal Credit Union (and in French Coopérative de crédit fédérale Coast Capital Savings) effective November 1, 2018.[12] In July, 2018, it announced a partnership between ebankIT platform and Coast Capital.[13]

In June 2018, Coast Capital became a Certified B Corporation[14] In March 2022, Coast Capital ranked in the platinum category of the 2022 Corporate Knight’s Social Purpose Ranking.[15]

Community initiatives

Coast Capital Savings adopted a social purpose business model in 2020.[16] Coast Capital has a focus on youth, promoting the development of financial literacy, academic success, social belonging, and mental health. Coast Capital Savings invests 7% of pre-taxed profits to programs that support youth in those areas.[17] Initiatives of the credit union include its Education Awards program,[18] the Coast Capital Road to Red Seal program, a one-million-dollar investment that supports individuals who are working towards a Red Seal endorsement,[19] the Youth Futures Education Fund which has provided over 2,500 youth aging out of government care with financial support so that they can pursue post-secondary education,[20] and its support of DIVERSEcity’s Foreign Credential Recognition[21], the Canadian Cancer Society's Cops for Cancer campaign, the University of British Columbia's Innovation Hub, CKNW's Pink Shirt Day,[22] and the United Way of Victoria's Youth In Action program.[23]

Awards and distinctions

  • United Way Top Contributor Award, United Way Lower Mainland (March 2013)[23]
  • Top Chief Financial Officer in British Columbia, awarded to Don Coulter CEO, Business in Vancouver Magazine (2013)[24]
  • Top Corporate Culture Award, Waterstone Human Capital (November 2014)[25]
  • Member of Canada's Best Managed Companies Platinum Club, (2000-2014)[26]
  • BC's Top Employers Award, Canada's Top Employers (February 2014)[27]
  • 2015 Giving Hearts Outstanding Corporation Award, Vancouver Chapter of the Association of Fundraising Professionals (AFP) (November 2015)[28]
  • Number 33 in BC Most Loved Brands, BC Business (2023)[29]

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. Archived from the original on March 4, 2016. Retrieved May 14, 2013.
  3. ↑ Coast Capital Savings 2012 Annual Report – About Us
  4. ↑ "Coast Capital Savings Federal Credit Union (Coast Capital) - Certified B Corporation - B Lab Global". www.bcorporation.net. Retrieved November 17, 2023.
  5. 1 2 "Coast Capital Savings 2022 Annual Report" (PDF).
  6. ↑ "Coast Capital Savings Credit Union - Annual Report". www.coastcapitalsavings.com. Archived from the original on October 16, 2006. Retrieved January 12, 2016.
  7. ↑ "Credit Unions - University of Victoria". www.uvic.ca. Archived from the original on August 11, 2014. Retrieved January 12, 2016.
  8. ↑ 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.
  9. 1 2 "Coast Capital Savings Credit Union - Our History". www.coastcapitalsavings.com. Archived from the original on October 16, 2006. Retrieved January 12, 2016.
  10. ↑ "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.
  11. ↑ Canadian Credit Union Association. "The Largest 100 Credit Unions" (PDF).
  12. ↑ "Coast Capital Savings Credit Union moving to federal regulation" (PDF). Archived from the original (PDF) on October 31, 2018. Retrieved October 31, 2018.
  13. ↑ "Coast Capital taps ebankIT for digital transformation". Retail Banker International. July 31, 2018. Retrieved October 9, 2023.
  14. ↑ "Coast Capital Savings Federal Credit Union (Coast Capital) - Certified B Corporation - B Lab Global". www.bcorporation.net. Retrieved November 27, 2023.
  15. ↑ Corporate Knights. "More companies are stating a Social Purpose, but are they implementing it?" (PDF).
  16. ↑ Canadian Purpose Economy Project. "Social Purpose Implementation Case Study" (PDF).
  17. ↑ "Coast Capital Savings Credit Union - Our Community Impact". www.coastcapitalsavings.com. Archived from the original on August 16, 2016. Retrieved January 12, 2016.
  18. ↑ "Chilliwack student wins Coast Capital Savings award". The Chilliwack Progress. September 28, 2022. Retrieved November 20, 2023.
  19. ↑ Hixson, Russell (March 7, 2023). "$1M donation provides support for B.C.'s Red Seal students". SiteNews - News, trends, & insights in Canadian construction. Retrieved November 27, 2023.
  20. ↑ "About Us – Youth Futures Education Fund". Retrieved November 27, 2023.
  21. ↑ Jetelina, Margaret (June 2, 2022). "Celebrating credentialing success stories with Coast Capital". DIVERSEcity Community Resources Society. Retrieved November 30, 2023.
  22. ↑ "Coast Capital Savings Credit Union - Partnerships and Events". www.coastcapitalsavings.com. Archived from the original on August 15, 2016. Retrieved January 12, 2016.
  23. 1 2 "Youth Engagement - United Way". United Way. Archived from the original on February 5, 2016. Retrieved January 12, 2016.
  24. ↑ "Business in Vancouver unveils 2013 CFO of the Year winners". Business In Vancouver. Retrieved January 12, 2016.
  25. ↑ "Full Winners". www.canadasmostadmired.com. Retrieved January 12, 2016.
  26. ↑ "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.
  27. ↑ "BC's Top Employers". www.canadastop100.com. Retrieved January 12, 2016.
  28. ↑ "Outstanding Corporation - AFP Vancouver - Association of Fundraising Professionals Vancouver Chapter". www.afpvancouver.org. Retrieved January 12, 2016.
  29. ↑ Mckenzie, Kevin Hinton & Ryan. "BCBusiness". BCBusiness. Retrieved November 20, 2023.
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