Coast Capital CEO to step down after notable tenure

Surrey, BC – Don Coulter has resigned from his position as CEO of Coast Capital Savings to pursue an opportunity with another financial institution, Coast Capital announced today.

The board of directors also announced the appointment of Chief Risk Officer Bruce Schouten to be interim President and CEO, effective today.

"It has been a privilege to work at Coast Capital for the last eight years, alongside such a fantastic team of amazing individuals," said Coulter. "Coast Capital is well positioned for incredible success in the coming years, with a strong leadership team in place dedicated to the organization's purpose to empower its members and employees to achieve what's important in their lives. I look forward to cheering from the sidelines as I watch the progress of Coast Capital."

Coulter joined Coast Capital in September 2009 as Chief Financial Officer, and was appointed CEO in 2014 after an extensive national and international search. During his tenure as CEO, the credit union:

  • grew its membership to over 543,000, making it the largest credit union by membership in Canada;
  • grew its assets under administration by 32% to more than $20 billion;
  • expanded its service delivery to the Okanagan and Courtenay communities;
  • successfully achieved a 79.2% member vote in favour of becoming a federal credit union;
  • introduced several innovative new services, including being the first credit union in Canada to launch Apple Pay last August, and launching a leading-edge digital account opening platform last November; and
  • established its reputation as one of Canada's most admired corporate cultures.

"Don is an inspiring leader who has shown terrific dedication to continually growing and enhancing Coast Capital for the benefit of our members and employees," said Bill Cooke, chair of Coast Capital's board of directors. "While we are saddened that Don has chosen to pursue a new opportunity, we are grateful for the strong legacy he leaves behind."

Interim CEO Bruce Schouten joined Coast Capital in January 2016, and has more than 20 years of experience in all facets of the financial services industry, including lending, commercial credit, corporate and investment banking, credit policy and enterprise risk management. Prior to joining Coast Capital he held senior leadership positions at both TD Bank and the Office of the Superintendent of Financial Institutions.

"Bruce is an accomplished and collaborative leader who has been instrumental in pursuing our goal to help our members achieve financial well-being," said Cooke. "As our Chief Risk Officer responsible for business continuity planning, he understands what's required to ensure the success of our operations during times of change. With the support of Coast Capital's seasoned executive team, Bruce will continue to lead the organization in transitioning to a federally regulated credit union and deliver on the numerous innovations the credit union has underway for 2018."

Coast Capital's board of directors will commence a fulsome search for a new CEO, and will take the time needed to secure the best possible candidate while ensuring the credit union continues to deliver exceptional service to its members.

About Coast Capital

Coast Capital Savings is Canada’s largest credit union by membership, with over $20 billion in assets under administration. An Imagine Canada Caring Company, the credit union invested $5.6 million into local communities in 2016, focusing on empowering and engaging youth. Named a BC Top Employer in 2017, Coast Capital is also a member of Canada's Best Managed Companies Platinum Club. It has 52 branches serving its 543,000 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.

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For more information:

Erin McKinley 
Coast Capital Savings
O: 604.517.7657
erin.mckinley@coastcapitalsavings.com

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).