Coast Capital Savings

Coast Capital Savings Federal Credit Union (formerly Coast Capital Savings Credit Union) is a member-owned financial co-operative headquartered in Surrey, British Columbia. It has 600,000 members through its 45-location branch network. In 2022, Coast Capital's net income was at $94.1 million. Coast Capital Savings operates nationally and has branches located in British Columbia, including Metro Vancouver, Fraser Valley, Okanagan and Vancouver Island regions.

History
Concerned about the uncertain financial future following the Great Depression, when money was hard to come by, groups of individuals on B.C.'s Vancouver Island, neighbouring Gulf Islands, and the Greater Vancouver cities of Richmond and Surrey formed small financial co-ops focused on helping their neighbours and colleagues obtain the financial assistance they required to better their lives.

Coast Capital Savings Credit Union was created out of a merger on December 31, 2000 between Pacific Coast Savings Credit Union and Richmond Savings Credit Union. At the time, the merged entity's $3.2 billion in assets made it the second largest credit union in Canada behind Vancity's $6.4 billion. In June 2002, Coast Capital Savings acquired Surrey Metro Savings, expanding the reach of the credit union from Vancouver Island to the Fraser Valley.

In the years that followed the merger with Surrey Metro Savings, Coast Capital Savings membership grew from 300,000 members in 2002 to nearly 600,000 members in 2021. The asset base of the credit union increased from $6.1 billion to over $22 billion between 2002 and 2022.

From October 17 to November 28, 2016, a vote was held for members on whether Coast Capital Savings should become a federal credit union. 79.2% of the 79,726 voting members voted in favour, with the announcement coming from a Special General Meeting held on December 14, 2016. Coast Capital Savings is the second federal credit union, after New Brunswick's Fédération des caisses populaires acadiennes (UNI) in July 2016. Pursuant to a federal letters patent, Coast Capital was renamed Coast Capital Savings Federal Credit Union (and in French Coopérative de crédit fédérale Coast Capital Savings) effective November 1, 2018.

In June 2018, Coast Capital became a Certified B Corporation and successfully recertified in late 2021. Coast Capital earned an overall score of 112.8 in 2021, an 11.9 point increase over its 2018 result. In March 2022, Coast Capital ranked in the platinum category of the 2022 Corporate Knight’s Social Purpose Ranking.

Community initiatives
Coast Capital Savings adopted a social purpose business model in 2020. Coast Capital’s social purpose is to Build Better Futures Together with a vision to unlock financial opportunities that positively impact people and communities. The credit union’s social purpose goals are to support equitable access to education, including, upskilling and reskilling; build and champion more equitable and inclusive employment; and drive inclusive access to the financial system.

As part of its commitment to building better futures, Coast Capital reinvests a portion of its budgeted bottom line annually back to local communities, with a total of $95 million reinvested in the communities since 2000.

Initiatives of the credit union include its Education Awards program which has supported over 1,000 students with an investment of $2.9 million, the Coast Capital Road to Red Seal program, a one-million-dollar investment that supports individuals who are working towards a Red Seal endorsement, the Youth Futures Education Fund which has provided over 2,500 youth aging out of government care with financial support so that they can pursue post-secondary education, and its support of DIVERSEcity’s Foreign Credential Recognition.

Coast Capital is also a member of the Net-Zero Banking Alliance.

Awards and distinctions

 * United Way Top Contributor Award, United Way Lower Mainland (March 2013)
 * Top Chief Financial Officer in British Columbia, awarded to Don Coulter CEO, Business in Vancouver Magazine (2013)
 * Top Corporate Culture Award, Waterstone Human Capital (November 2014)
 * Member of Canada's Best Managed Companies Platinum Club, (2000-2014)
 * BC's Top Employers Award, Canada's Top Employers (February 2014)
 * 2015 Giving Hearts Outstanding Corporation Award, Vancouver Chapter of the Association of Fundraising Professionals (AFP) (November 2015)
 * 2020 Canadian Credit Union Association National Credit Union Award for Social Responsibility
 * Platinum ranking in Corporate Knights' 2022 Social Purpose Rating
 * Number 33 in BC Most Loved Brands, BC Business (2023)