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Coast Capital Savings

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Coast Capital Savings Federal Credit Union
Company typeFederal Credit Union
IndustryFinancial services
Founded1940; 84 years ago (1940)
HeadquartersSurrey, BC [1]
Key people
Calvin MacInnis,
President, Director and CEO
$58.5 million CAD (2023)[2]
Total assets$21.7 billion CAD (2023)[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 has nearly 600,000 members [5] through its 45-location branch network.[6] In 2023, Coast Capital's net income was at $58.5 million.[7] and has branches located in British Columbia, including Metro Vancouver, Fraser Valley, Okanagan and Vancouver Island regions.[8]

History

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Concerned about the uncertain financial future following the Great Depression, when money was hard to come by, groups of individuals on B.C.'s Vancouver Island, neighbouring Gulf Islands, and the Greater Vancouver cities of Richmond and Surrey formed small financial co-ops focused on helping their neighbours and colleagues obtain the financial assistance they required to better their lives.[9]

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.[10] In June 2002, Coast Capital Savings acquired Surrey Metro Savings, expanding the reach of the credit union from Vancouver Island to the Fraser Valley.[11][12]

In the years that followed the merger with Surrey Metro Savings, Coast Capital Savings membership grew from 300,000 members in 2002 to nearly 600,000 members in 2021.[13] The asset base of the credit union increased from $6.1 billion to over $22 billion between 2002 and 2023.[11][14]

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.[15]

In June 2018, Coast Capital became a Certified B Corporation[16] and successfully recertified in late 2021.[17] Coast Capital earned an overall score of 112.8 in 2021, an 11.9 point increase over its 2018 result. In March 2022, Coast Capital ranked in the platinum category of the 2022 Corporate Knight’s Social Purpose Ranking.[18]

References

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  1. ^ "Coast Capital Savings 2023 Annual Report" (PDF). www.coastcapitalsavings.com. Retrieved September 9, 2024.
  2. ^ "Morningstar DBRS Confirms Coast Capital Savings Federal Credit Union's LT Issuer Rating at BBB (high); Trends Stable". dbrs.morningstar.com. Retrieved September 9, 2024.
  3. ^ "Morningstar DBRS Confirms Coast Capital Savings Federal Credit Union's LT Issuer Rating at BBB (high); Trends Stable". dbrs.morningstar.com. Retrieved September 9, 2024.
  4. ^ Coast Capital. "Public Accountability Statement" (PDF).
  5. ^ "Coast Capital Savings 2023 Annual Report" (PDF). www.coastcapitalsavings.com. Retrieved September 9, 2024.
  6. ^ "Morningstar DBRS Confirms Coast Capital Savings Federal Credit Union's LT Issuer Rating at BBB (high); Trends Stable". dbrs.morningstar.com. Retrieved September 9, 2024.
  7. ^ "Morningstar DBRS Confirms Coast Capital Savings Federal Credit Union's LT Issuer Rating at BBB (high); Trends Stable". dbrs.morningstar.com. Retrieved September 9, 2024.
  8. ^ "Coast Capital Savings 2023 Annual Report" (PDF). www.coastcapitalsavings.com. Retrieved September 9, 2024.
  9. ^ "Coast Capital Savings: Helping Communities Thrive". Sparx Publishing Group. Retrieved December 13, 2023.
  10. ^ 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.
  11. ^ a b "Coast Capital Savings Credit Union - Our History". www.coastcapitalsavings.com. Archived from the original on October 16, 2006. Retrieved January 12, 2016.
  12. ^ "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.
  13. ^ Canadian Credit Union Association. "The Largest 100 Credit Unions" (PDF).
  14. ^ "Coast Capital Savings 2023 Annual Report" (PDF). www.coastcapitalsavings.com. Retrieved September 9, 2024.
  15. ^ "Coast Capital Savings Credit Union moving to federal regulation" (PDF). Archived from the original (PDF) on October 31, 2018. Retrieved October 31, 2018.
  16. ^ "Coast Capital Savings Federal Credit Union (Coast Capital) - Certified B Corporation - B Lab Global". www.bcorporation.net. Retrieved November 27, 2023.
  17. ^ cassandra (July 4, 2022). "Coast Capital Champions Fellow B Corps". Good Life Vancouver. Retrieved December 13, 2023.
  18. ^ Corporate Knights. "More companies are stating a Social Purpose, but are they implementing it?" (PDF).
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