Prospera, Coast Capital and Sunshine Coast credit unions want to merge

Mergers are all the rage in BC's credit union sphere.

The latest is Prospera, Coast Capital Savings and Sunshine Coast intending to join forces to create Canada's largest nation 'purpose-driven' credit union.

'Purpose-driven' refers to the member-owned, cooperative banking model putting 'purpose' before profit to have a meaningful impact on the lives of members, employees and communities with the likes of profit sharing with members and donations to the community.

If Prospera, Coast Capital and Sunshine Coast unite they will have $38.6 billion in assets under administration, 730,000 members, 2,500 employees and 70 branches across the Okanagan, Lower Mainland, Vancouver Island and Sunshine Coast.

Over the coming weeks, members will have a chance to vote on the proposed amalgamation.

If approved, the bigger credit union will have the economies of scale to invest in more competitive products and services for members, enhance digital banking technology and tools and strengthen the communities it operates in.

However, while a new entity, the bigger, better credit union would not take on a new name.

The new co-op would continue to use the trusted and familiar Prospera, Coast Capital and Sunshine Coast names and branding.

Going back to credit union integration being common, you'll probably remember that last year Interior Savings merged with Gulf & Fraser to create the new-name BEEM with $10.1 billion in assets under administration, 160,000 members, 55 branches and 14 insurance offices throughout the Thompson Okanagan, Lower Mainland and Fraser Valley.

Over the past 15 years, Valley First, Envision, Enderby & District and Island Savings all came together.

While they operate under the First West umbrella, Valley First, Envision, Enderby and Island Savings all kept their names to represent their communities in the Thompson Okanagan, Lower Mainland and Vancouver Island.

Back to the Prospera-Coast Capital-Sunshine Coast news, it would be precedent-setting because it would meld two provincially regulated credit unions (Prospera and Sunshine Coast) with a federally regulated credit union (Coast Capital).

Combined, the three credit unions would become a BC-headquartered federally regulated entity.

The three feel the merger creates a strong, national co-op alternative to the big banks, offering Canadians greater choice in financial institutions.

"Our credit unions share an 8--year legacy and the same values of helping people and communities thrive," said Prospera CEO Gavin Toy.

"Together, we aspire to do even more -- building our strong foundation to provide more innovative and impactful financial solutions, along with personalized advice that truly prioritizes our members' best interests. This merger is an opportunity to shape a stronger future for all of us."

Prospera currently has $9.3 billion in assets under administration, 115,000 members and 24 branches, including outlets in Kelowna, Penticton and Vernon.

Coast Capital has $28 billion in assets under administration, 600,000 members and 45 branches, including one in Kelowna, but mostly in Vancouver, the Fraser Valley and Vancouver Island.

Sunshine Coast has $1.2 billion in assets under management, 17,000 members and three branches in Gibsons, Sechelt and Pender Harbour.