Outcome of federal credit union member vote


Hi, I’m Don Coulter CEO of Coast Capital Savings Over the years, many Coast Capital Savings
members have expressed a wish that we could serve them in different parts of the country. We’ve paid attention, and for the last 18
months, we’ve carefully assessed the benefits and risks of becoming a federal credit union,
with very encouraging results. Management and the Board of Directors strongly
believe expanding outside of British Columbia will be good for our members, our employees,
and our business. Between October 17 and November 28, 2016,
Coast Capital Savings became the first credit union in BC to hold a member vote on becoming
a federal credit union. I’m happy to report that the Special Resolution
has passed, with 79.2% of members voting in favour – this represents roughly four
out of five voters. Coast Capital Savings members were very engaged
in this opportunity and cast a record number of votes 79,726 Getting a say in the future of your financial
institution is one of the things that differentiates credit unions from banks, and I extend my personal
thanks to every member who voted. Getting the stamp of approval from our members
was just the first step on our journey – we’re not a federal credit union yet. Next we’ll apply for regulatory approval
from the Credit Union Deposit Insurance Corporation, Financial Institutions Commission, Office
of the Superintendent of Financial Institutions, and Federal Minister of Finance. It’s too early to say how long this process
will take but we hope to become a federal credit union in 2018. Rest assured we’ll keep our members apprised
of our progress, and I invite you to keep an eye on this website for current information. Our plan to expand is to begin offering our
products and services online to Canadians. After our digital expansion has been well
established, we’ll begin building branches in other Canadian cities, learning as we go
and keeping growth to a responsible pace. I’d like to remind you that Coast Capital
Savings has a successful track record of growth and in fact, we’re already Canada’s largest
credit union by membership. While an overwhelming majority of members
have voted for Coast Capital Savings to become a federal credit union, I’m aware some
members did not vote in favour of the Special Resolution. Let me reassure you that as a management team,
we operate our credit union for the benefit of all members, and we take all feedback seriously. As a federal credit union, we expect to offer
the same great service we offer today. Current members should find that banking in
a BC branch, or accessing accounts through online or mobile banking, will feel very similar
to your current service experience at Coast Capital Savings. However, when you travel or move around in Canada,
or when your small business expands beyond BC, you’ll be able to continue accessing
our service. We look forward to introducing Coast Capital
Savings and our credit union values to more Canadians. We’re strong and sustainable today but we
believe our growth will give us more resources to invest in products and services, and deliver
online and mobile banking even faster. As we grow both within and beyond BC, we’ll
remain the Coast Capital Savings that you know and love.

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