Prospera, Coast Capital and Sunshine Coast credit unions announce intent to merge, creating Canada’s largest national purpose-driven credit union
Joining together to power the future for all of us
We’re excited to share we’re planning to merge with Coast Capital and Sunshine Coast credit unions. By coming together, we’ll have the strength to do more for our members, employees and communities than ever before.
With our newly combined credit union based in BC, we expect to support you better than ever—accelerating investments in more competitive products and services, enhanced digital banking and tools and initiatives that strengthen and uplift local communities. It’s important to remember that even as a national credit union, we’ll still be the same local, friendly team you know and trust.
In the coming weeks, we’ll share more details about our plans and why we believe we’re stronger together. As a valued member, you’ll have the opportunity to vote and have your say, too. In the meantime, you can find more information here.
Frequently asked questions
This FAQ reflects the most up-to-date information available about our merger plans. As merger discussions are finalized, these answers may be updated accordingly.Why are Prospera, Coast Capital and Sunshine Coast credit unions planning to merge?
Prospera, Sunshine Coast Credit Union and Coast Capital 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—and we aspire to do even more. This merger will strengthen our ability to continue to make a meaningful impact for members, employees and communities and build resilience for cooperative banking in Canada.
What are the expected benefits of the merger?
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
Will the merged credit union be provincially or federally regulated?
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-headquartered, federally regulated credit union. This will provide important benefits, including the ability to serve business and personal banking members as they move and grow outside BC.
There are differences between the provincial and federal regulatory frameworks. More details about these differences will be shared with members as part of the information provided for voting.
It’s important to know that even as a national purpose-driven credit union, we’ll still be the same local, friendly team you know and trust.
There are differences between the provincial and federal regulatory frameworks. More details about these differences will be shared with members as part of the information provided for voting.
It’s important to know that even as a national purpose-driven credit union, we’ll still be the same local, friendly team you know and trust.
What will members be asked to vote on?
Prospera and Sunshine Coast credit unions’ members will vote on both the continuance and the merger. As Coast Capital is already federally regulated, its members will only vote on the merger.
What will the name of the merged credit union be?
The new credit union will continue to use the trusted and familiar Prospera, Coast Capital and Sunshine Coast brand names, so you can bank with us as you normally would. As Coast Capital is already federally regulated, the legal name of the new credit union will be Coast Capital Savings Federal Credit Union for the time being.
What will happen to member accounts and banking services?
This merger is about making banking better for our members. We’ll continue to offer a full suite of products and services for personal, business and wealth members. Over time, we’ll combine our banking systems and services, giving you convenient access to more than 70 branches across the Lower Mainland, Fraser Valley, Vancouver Island, the South Sunshine Coast and in the Okanagan.
As always, we are committed to minimizing any disruptions and keeping our members informed well in advance of any changes.
As always, we are committed to minimizing any disruptions and keeping our members informed well in advance of any changes.
Will some branches close? Will I still see the same employees in branches?
In the short term, there will be no changes to our branch locations, and members can bank as they normally would. Our same friendly employees will still be there to help our members in our branches.
After the merger is completed, we will gradually review consolidating our few overlapping locations in the Lower Mainland. This will only take place after our technology is integrated, so that our members will have the ability to be served at any of our more than 70 locations. Any changes will be made with our members’ needs in mind and will be communicated well in advance.
After the merger is completed, we will gradually review consolidating our few overlapping locations in the Lower Mainland. This will only take place after our technology is integrated, so that our members will have the ability to be served at any of our more than 70 locations. Any changes will be made with our members’ needs in mind and will be communicated well in advance.
Will local needs still be supported?
Absolutely. You can continue to confidently rely on an exceptional banking experience with the same friendly people you know.
Prospera, Sunshine Coast Credit Union and Coast Capital are purpose-driven credit unions who share the same values of helping people and communities thrive.
We’re all 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.
Prospera, Sunshine Coast Credit Union and Coast Capital are purpose-driven credit unions who share the same values of helping people and communities thrive.
We’re all 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.
How will local communities benefit?
We’re proud of our credit union roots, and our dedication to our local communities is unwavering. Over the past five years, Prospera, Coast Capital and Sunshine Coast credit unions have collectively provided more than $30 million to local communities.
Our community investments will continue and as a combined credit union, we’ll maintain and deepen our commitments to local community support and investment.
Our community investments will continue and as a combined credit union, we’ll maintain and deepen our commitments to local community support and investment.
Will Prospera, Coast Capital and Sunshine Coast credit unions each hold an Annual General Meeting later in 2025?
Yes, Prospera, Coast Capital and Sunshine Coast credit unions will each hold an Annual General Meeting (AGM) later in 2025. Before the AGMs take place, voting on continuance and the merger will occur, and each credit union will hold a Special General Meeting to announce the results.
In the meantime, Coast Capital members can access the audited financial statements here. Prospera and Sunshine Coast Credit Union’s audited financial statements will be posted to their websites by May 15.
What are the next steps? When can I expect more information?
As a member you have a say. Prospera and Sunshine Coast credit unions’ members will vote on both the continuance and the merger. As Coast Capital is already federally regulated, its members will only vote on the merger. If the vote is 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.
For now, it’s business as usual and you can continue to bank with us as you normally would.
We’re committed to keeping our members updated throughout this process and look forward to sharing more information soon.
As always, we’re here to help.
If you have any questions, please feel free to contact us.
For now, it’s business as usual and you can continue to bank with us as you normally would.
We’re committed to keeping our members updated throughout this process and look forward to sharing more information soon.
As always, we’re here to help.
If you have any questions, please feel free to contact us.
How to reach us
Call our Member Service Centre
Contact tech support
Available 24/7
1 888 884 4430
Send a support email
