Surrey, BC: Coast Capital Savings members have voted for it to become a federal credit union and operate outside British Columbia. The results were announced at a Special General Meeting on December 14, 2016, following a six-week vote period from October 17 to November 28. The outcome means Coast Capital Savings can seek regulatory approval to offer its products and services across the country.
Of the 79,726 members who voted, 79.2% of members cast their ballot in favour of the Special Resolution to become a federal credit union. For the Special Resolution to pass, a two-thirds vote in favour was required.
“I’d like to thank all members who took the time to participate in this important vote, which has not only determined the future direction of Coast Capital Savings but also will provide Canadians with additional banking choices,” said Board Chair Bill Cooke. “With such a high turnout of voting members, it’s clear the vote represents the broad will of the membership.”
Becoming a federal credit union will allow Coast Capital Savings to serve members better, enter new markets, attract new members, better manage risk through diversification, and compete more effectively in a rapidly changing marketplace. Growing outside the province will give the credit union more resources to invest in products and services, and to develop technology to serve members’ growing online and mobile banking needs. It will help the organization to support more communities and give more Canadians a co-operative option to national banks.
President & CEO Don Coulter believes this decision is the right one for Coast Capital Savings. “Our members are owners of this credit union and when our business grows, they benefit,” he said. “Existing members will continue to receive the friendly, helpful service we’re known for in BC and in future, they’ll also have the convenience of banking with us elsewhere in Canada. As a federal credit union, we’ll continue to improve the financial well-being of our members and retain our award-winning culture. And we’ll share the great things our members love about Coast Capital Savings with more Canadians.”
The organization is not a federal credit union yet; it must first seek regulatory approval from the Credit Union Deposit Insurance Corporation, Financial Institutions Commission, Office of the Superintendent of Financial Institutions, and Federal Minister of Finance. This process is anticipated to take a year, with continuance, if granted, coming in 2018.
In 2012, the federal government proclaimed legislation that enabled credit unions to operate outside their provincial boundaries by continuing to a federal credit union. In July 2016, UNI in New Brunswick became Canada’s first federal credit union, and other credit unions have indicated their plans to follow suit. Coast Capital Savings was the first credit union in British Columbia to put this opportunity to a member vote.
About Coast Capital Savings
A recipient of the 2015 “Outstanding Corporation” Giving Hearts Award, Coast Capital Savings invested $5 million into local communities in 2015, focusing on empowering and engaging youth. The credit union has one of Canada's 10 Most Admired Corporate Cultures™, is a member of Canada's Best Managed Companies Platinum Club, and an Imagine Canada Caring Company. It has 52 branches serving its 532,000 members in the Metro Vancouver, Fraser Valley, Vancouver Island and Okanagan regions of British Columbia. Its product innovations include Canada's first free chequing account from a full-service financial institution. To learn more about Coast Capital Savings becoming a federal credit union visit Federal Credit Union.