In a landmark move for cooperative banking in Canada, members of Sunshine Coast Credit Union, Prospera Credit Union, and Coast Capital Savings have overwhelmingly voted to merge, paving the way for the creation of the country’s largest purpose-driven federal credit union.
The merger, as explained in a July 9 press release, still requires regulatory approval and will unite over 730,000 members, 2,500 employees, and 70 branches across B.C., with a combined $38.6 billion in assets under administration.
The new entity will span the Lower Mainland, Vancouver Island, the Okanagan, and the Sunshine Coast.
Sunshine Coast Credit Union members voted 81 per cent in favour of the merger, joining Prospera (75 per cent) and Coast Capital (90 per cent) in support.
The process involves Prospera and Sunshine Coast transitioning to federal regulation to align with Coast Capital’s existing federal status.
“This is a significant milestone in preserving and amplifying the unique value of cooperative banking,” said Shelley McDade, CEO of Sunshine Coast Credit Union, in the release. “Achieving the scale required to invest in our member and employee experience while at the same time honouring our 80+ year legacies is truly a win-win.”
The merger promises enhanced digital banking, more competitive products, and a stronger community impact, said the release.
Each credit union will also donate to a local cause in recognition of member participation: Sunshine Coast Credit Union to the Sunshine Coast Foundation, Prospera to Special Olympics BC, and Coast Capital to the Youth Futures Education Fund.
Pending approvals from federal and provincial regulators, the new credit union is expected to launch in 2026. Until then, members will continue banking as usual under their current credit union brands.
Jordan Copp is Coast Reporter’s civic and Indigenous affairs reporter. This reporting beat is made possible by the Local Journalism Initiative.
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