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Email this11:32 am
May 28, 2013
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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
2:01 pm
December 20, 2019
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It's a little bit of a shit show with Motus also going to coast but coast merging. How the heck will a regular client that is not a versed as we are on the forum supposed to keep track of all of this.
Plus then you have the crappy software the credit unions use. I find the meridian software to be the most functional and user friendly and it's the same system they used with motus. I wish places likes access and such would use that software because it works fantastic for my business. Meridian can do anything my business needs including making the hst returns, payroll etc. Then I click a tab and I am on my personal accounts which seamlessly connect.
6:47 pm
December 12, 2009
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KamWest said
It's a little bit of a shit show with Motus also going to coast but coast merging. How the heck will a regular client that is not a versed as we are on the forum supposed to keep track of all of this.Plus then you have the crappy software the credit unions use. I find the meridian software to be the most functional and user friendly and it's the same system they used with motus. I wish places likes access and such would use that software because it works fantastic for my business. Meridian can do anything my business needs including making the hst returns, payroll etc. Then I click a tab and I am on my personal accounts which seamlessly connect.
This would result in an unprecedented concentration of power and market dominance in the Okanagan market, result in significant branch closures in the Lower Mainland, and, overall, is a significant net negative for consumers. The Competition Bureau should launch an extended investigation into the proposed agreement, and consumers should write to the B.C. Financial Services Authority to discuss the above and, additionally, point out that this would result in two more large credit unions leaving the provincial credit union system, significantly weakening Central 1 Credit Union and the B.C. credit union system.
Cheers,
Doug
7:26 pm
October 27, 2013
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I would argue the opposite. A larger and stronger CC will place it in a better place to compete with the big 6 banks. The CU system is weakening no matter what happens as it loses market share in the aggregate, so why not have fewer but stronger CUs instead? Why does BC need more than 3-6 CUs to begin with?
FWIW, I don't know why the Okanagan Valley needs more than 1 or 2 CUs to compete with the big 6 banks. First West (and its divisions) and CC are enough for the entire valley.
I also don't believe Southeastern BC needs more than one CU to represent the entire region. I suspect consolidation will have to happen or existing stand alones will wither into oblivion.
9:11 am
December 18, 2024
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My 2 cents.
purpose-driven = profit driven
Also crappy customer service
And as mentioned crappy and misleading online software and slow ATMs.
And loss of unlimited insurance “may” create less on deposit per client.
They might as well try to merge with VanCity as well as their system sucks as well and would not recommend using any level of their Wealth Managers.
6:14 pm
December 12, 2009
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AltaRed said
I would argue the opposite. A larger and stronger CC will place it in a better place to compete with the big 6 banks. The CU system is weakening no matter what happens as it loses market share in the aggregate, so why not have fewer but stronger CUs instead? Why does BC need more than 3-6 CUs to begin with?FWIW, I don't know why the Okanagan Valley needs more than 1 or 2 CUs to compete with the big 6 banks. First West (and its divisions) and CC are enough for the entire valley.
I also don't believe Southeastern BC needs more than one CU to represent the entire region. I suspect consolidation will have to happen or existing stand alones will wither into oblivion.
I don't deny there are benefits to economies of scale. For me, it comes down to a fundamental governance issue with credit unions and credit union regulation. While federal regulation, I agree, is generally stronger than provincial regulation, not just in terms of regulatory capital requirements but especially from a consumer protection standpoint, the issue with credit union governance is that the credit unions generally have anti-democratic rules around campaigning and petitioning for change from outside the credit union. This makes their boards beholden to the senior executive. With Coast Capital Savings specifically, they've had 7-8 years to expand nationally, which they promised to do, and what do they have to show for it? A three-way merger with two other B.C. credit unions, and yet, no plan to organically attract new members from outside of B.C. Calvin MacInnis, too, has a terrible track record for member value destruction at the credit union.
Credit unions are facing an existential crisis, and the outlook is bleak, whether they merge or not.
Born digital competitors like Tangerine, Simplii Financial, Wealthsimple, EQ Bank, and PC Financial are eating theirs, and others', lunches, amassing clienteles larger than the membership bases of all credit unions combined.
For me, I'm just sort of done with credit unions generally and streamlining my banking with the banks. 
That said, FWIW, I did vote 'no' today as a CCS member.
Cheers,
Doug
8:54 am
December 18, 2024
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When a CU advises of a potential merger and gives the members a vote to proceed or not……when have you ever seen a NO vote win?
9:25 am
April 6, 2013
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In 2015, Access CU failed twice to get the required 2/3 majority vote to approve the proposed merger with Assiniboine Credit Union:
CBC (Sep 17, 2015): Access Credit Union members reject Assiniboine merger again
9:48 am
December 12, 2009
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Norman1 said
In 2015, Access CU failed twice to get the required 2/3 majority vote to approve the proposed merger with Assiniboine Credit Union:CBC (Sep 17, 2015): Access Credit Union members reject Assiniboine merger again
Thanks, Norman1. That's right, it does happen, but it's rare. I would also note that was Old Access Credit Union, the primarily rural Manitoba credit union pre-merger with Noventis and Sunova credit unions, and it was them as a smaller credit union being absorbed by larger Assiniboine.
Interestingly, I would've actually preferred that outcome as Assiniboine is one of those larger credit unions that is a bit more responsive to members than others, and we wouldn't have ended up with this clunky bastardized banking system we have now with New Access Credit Union.
Cheers,
Doug
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