Coast Capital Savings seeks members' permission to become a federal credit union

October 17, 2016 (Surrey, BC) — After 18 months of careful study, Coast Capital Savings is asking its members to vote on becoming a federal credit union. This would enable it to expand outside British Columbia, strengthen the credit union and better respond to members’ changing banking needs. Coast Capital would also continue to grow within the province, maintain its ties to the BC credit union sector, and keep its head office in Surrey, BC.

Becoming a federal credit union would enable Coast Capital to bring members new products and deliver new online banking and mobile technology faster than ever before. It would allow for greater investment and support for communities in BC and across Canada. It would give Coast Capital the opportunity to help enhance the financial well-being of more people in more places. And it would create new job opportunities for Coast Capital employees as they provide a friendly, co-operative alternative to national banks.

“It doesn’t make sense for our business to have to stop at the Alberta border. Our members should have easy access to Coast Capital wherever they go in Canada,” said Don Coulter, President and CEO. “We believe becoming a federal credit union will be good for our employees, our members, our business and the communities we serve.”

The vote period will be for six weeks from October 17 to November 28, 2016. Members can vote online, through a mobile banking app or mobile web, in branch or by mail-in ballot.

“We believe this is the right decision for Coast Capital members and the Board of Directors is recommending that members vote yes,” said Bill Cooke, Chair of the Board of Directors. “We encourage members to get informed and cast their ballot to determine the future our credit union.”

Members can get more information about the vote at www.coastcapitalsavings.com/vote, as well as in branches, at open houses on October 26 in Victoria and November 2 in Surrey, and through a detailed information booklet that has been mailed to all eligible voting members.

For information on changes to deposit insurance and the transition period if we become a federal credit union, see the notice pursuant to the Disclosure on Continuance Regulations (Federal Credit Unions).