Surrey, B.C: Coast Capital Savings has again been named a Best Managed Company and a 2015 Platinum Club recipient of one of the nation’s most coveted business leadership awards by Deloitte, sponsor of the 50 Best Managed Companies program.
This is the 15th time Coast Capital Savings has been chosen for the Best Managed Companies designation and the 8th time the credit union has been named as a Platinum Club member. The distinction recognizes exemplary management strategy and best practices among Canadian private companies with revenues over $10 million. Organizations that make the award list for seven years or more are inducted into the Best Managed Companies Platinum Club, and to remain on the list are required to meet annual requalification demonstrating the highest standards of business performance.
Don Coulter, president and CEO of Coast Capital Savings, said the award has additional meaning this year as it crowns the credit union’s 75th anniversary celebration, which was marked in 2015.
“The Coast Capital Savings story began with small financial cooperatives led by hardworking farmers, fishermen and government employees and it’s great to be able to carry forward that credit union legacy today as one of Canada’s leaders in best management practices, not just in the financial services sector, but across all industries,” Coulter said. “It is a credit to the calibre of our organization and our dedicated team of employees that after a rigorous and independent process examining all aspects of our operations and business performance for 2015, Coast Capital Savings has again been awarded one of the most respected designations for Canadian businesses."
Initiatives and accomplishments that helped Coast Capital secure a spot in the Platinum rankings for 2015 include:
- As part of its value proposition to help its members improve their financial wellbeing, the credit union rolled out its Members Get It Mortgages™ as part of a renewed strategic focus on delivering a superior experience to new and existing members. Coast Capital’s Members Get It™ Mortgages combines a great rate with up to $1,000 in Help Extras, allowing members to put this free money toward an RRSP, RESP, term deposit, tax-free savings account, or other investment option. The product’s Help Extras make a real difference in the lives of existing and new members, so they don’t have to sacrifice long-term savings to achieve their dreams of home ownership.
- Coast Capital continued to help members achieve financial wellbeing through its mission of simple financial help, using its Where You’re At Money Chat™ as a key tool to support this goal. The credit union’s Money Chat, designed to help members manage, save, protect and grow their money, has been delivered to 40,000 individuals and families since its launch.
- As part of its strategic focus on innovation and growth, Coast Capital upgraded its website as an enhanced channel for delivery of its products and services and made key investments to further improve and expand its branch network. These included upgrades to existing branches as well as groundwork and planning towards new branches in the Okanagan and Vancouver Island regions of B.C.
- Coast Capital invested seven per cent of its pretax earnings back into the community in 2015, resulting in $5 million in support for nearly 200 community organizations delivering a range of youth-centered programs. Coast Capital received kudos for its leadership in philanthropy and community investment with the Association of Fundraising Professionals (Vancouver Chapter) 2015 Giving Hearts Outstanding Corporation Award.
- To celebrate its 75th anniversary, Coast Capital’s 1,600 employees were challenged to carry out 75 Acts of Help in the community. These ranged from volunteering to drive seniors to essential medical appointments, providing hot breakfasts for children in need at a local school, and giving blood at a local blood donor bank.
Peter Brown, Partner, Deloitte and Co-Leader, Canada’s Best Managed Companies program, said Coast Capital demonstrates the kinds of activities and strategic priorities that define Platinum club members.
“Best Managed companies embrace innovation, seize opportunities and inspire talent,” Brown said. “Best Managed Platinum winners are amongst the elite Canadian-owned and managed companies. They have a proven track record of outstanding leadership, business performance and sustained growth.”
About Coast Capital Savings
Coast Capital Savings is Canada’s largest credit union by membership. A recipient of the 2015 “Outstanding Corporation” Giving Hearts Award, the credit union invested $5 million into local communities in 2015, focusing on empowering and engaging youth. Coast Capital is one of Canada's 10 Most Admired Corporate Cultures™, a member of Canada's Best Managed Companies Platinum Club, and an Imagine Canada Caring Company. It has 50 branches serving its 522,000 members in the Metro Vancouver, Fraser Valley, Vancouver Island and Okanagan regions of British Columbia. Product innovations include Canada's first free chequing account from a full-service financial institution. To learn more, visit coastcapitalsavings.com.
About Canada’s Best Managed Companies
Canada's Best Managed Companies continues to be the mark of excellence for Canadian-owned and managed companies with revenues over $10 million. Every year since the launch of the program in 1993, hundreds of entrepreneurial companies have competed for this designation in a rigorous and independent process that evaluates their management skills and practices. The awards are granted on five levels: 1) Best Managed winner (one of the new winners selected each year); 2) Requalified member (repeat winners retain the Best Managed designation for two additional years, subject to annual operational and financial review); 3) Gold Standard winner (After three consecutive years of maintaining their Best Managed status, these winners have demonstrated their commitment to the program and successfully reapplied for the designation); 4) Gold Requalified member (Gold Standard winners may requalify for two additional years, subject to annual operational and financial review); 5) Platinum Club member (winners that maintain Best Managed status for a minimum of six consecutive years). Program sponsors are Deloitte, CIBC, National Post, Smith School of Business and MacKay CEO Forums. For further information, visit www.bestmanagedcompanies.ca.
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