Coast Capital merger with Prospera and Sunshine Coast | Coast Capital Savings | Discussion forum

Just got this email re a merger:
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We’re excited to let you know that we’re planning to merge with Prospera and Sunshine Coast credit unions. By joining together, we’ll be able to use our combined strength to better support our members, employees and local communities.

You’re a valued member to us, so it’s important that we share why we’re pursuing this merger and answer questions you might have.
A shared vision and values

Coast Capital, Sunshine Coast Credit Union and Prospera are purpose-driven credit unions who share the same values of helping people and communities thrive. We each have an 80-year legacy and proven track record of improving members’ financial well-being—but we aspire to do even more.
More for members

Mergers in the credit union industry are becoming increasingly common. In a rapidly evolving world, we know our members need a trusted financial partner who is invested in their success and can meet their changing needs quickly. As a combined credit union, we expect to better support you by speeding up and advancing our investments in:

More competitive products and services
Personalized advice and specialized expertise
Improved member experience, including access to more branches
Enhanced digital banking tools and technology
Community initiatives that create greater impact in your local community

The bottom line? We’re teaming up so we can do more for you than ever before!
Staying local

You might already know that Coast Capital is a federally regulated credit union. Prospera and Sunshine Coast credit unions currently operate under BC provincial regulation. They will transition to federal regulation in a process called continuance and then immediately merge with Coast Capital to become a BC-based federally regulated credit union. Federal credit unions enjoy important benefits, like being able to serve business and personal members who move and grow outside of BC.

This part’s important, though: Even as a national purpose-driven credit union, we’ll still be the same local, friendly team you know and love.
The brand you trust

The new credit union will continue to use the trusted and familiar Coast Capital, Prospera and Sunshine Coast brand names, so you can bank with us as you normally would. Over time, we’ll combine our banking systems and services, giving you convenient access to more than 70 branches across the Lower Mainland, Vancouver Island, the South Sunshine Coast and in the Okanagan.
True to our roots, always

We’re proud of our strong, cooperative credit union roots, and that will never change. We were built by members, for members, and we’ll always have your best interest at heart.

You can expect us to keep our commitments to:

An exceptional in-branch banking experience with the same friendly people you know
An employee experience focused on well-being and professional development
Local community investments and support

Next steps

As a member, you’ll have an opportunity to vote on the merger and if successful, we will then seek regulatory approvals. In the coming weeks, we’ll share more information with you about our plans and why we believe our credit unions are stronger together. In the meantime, you can find more details on our website here.

For now, it’s business as usual and you can continue to bank with us as you normally would.

Thank you for trusting us as your financial partner, and we hope you’re as excited about this opportunity as we are. We look forward to sharing more details soon on this exciting opportunity to power the future for all of us!

Sincerely,

Calvin MacInnis
President & CEO