Surrey, B.C. Closing August 28, Coast Capital Savings became one of the first British Columbian credit unions to issue a $175 million, 18 month senior deposit note offering.
“This is the second major capital markets offering that we have issued this year,” says Coast Capital’s Chief Financial Officer, David Gaskin. “Earlier this year, we offered a $200 million subordinate note which was very successful and we felt that this offering would also resonate with investors. These two offerings come right after achieving our long term investment grade rating earlier this year.”
At a rate of 3-Month CDOR plus 65 basis points and maturing February 28, 2020, the note offering signals positive investor confidence in the Surrey-based credit union and support for the financial institution’s strategic direction, financial position and prudent management.
“As Coast Capital works towards becoming a federal credit union, we want to ensure we are innovative and prudent in deepening our capital reserves and liquidity,” explains Gaskin. “It is another way that we will continue to grow with the ultimate goal of bringing financial well-being to more Canadians.”
Coast Capital Savings
Coast Capital Savings is Canada’s largest credit union by membership. An Imagine Canada Caring Company, the credit union invested $5.6 million into local communities in 2017, focusing on empowering and engaging youth. Coast Capital is one of Canada's Most Admired Corporate Cultures™, and is a winner of the Canada's Best Managed Companies Platinum Club designation. It has 52 branches serving its 555,000 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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