Surrey, Richmond, & Victoria, B.C.: Coast Capital Savings is celebrating its 75th birthday in a unique way that honours the values of its heritage beginnings in Victoria, Richmond, and Surrey. From July 24 – the official 75th anniversary of Coast Capital’s oldest founding credit union – until the end of the year, Coast Capital employees will be delivering Acts of Help to celebrate this milestone.
Each branch and administration team – 75 in total – has been tasked with identifying and carrying out an Act of Help that resonates both with their team and with the neighborhoods where they live and work. Helpful acts such as volunteering to drive seniors to essential medical appointments, providing hot breakfasts for children in need at a local school, and giving blood at a local blood donor bank, are some of the ideas being considered by the credit union’s 1,600 staff.
“Coast Capital’s 75th birthday is a chance to reaffirm our commitment to the values our legacy credit unions were founded on – local people helping other local people achieve financial well-being,” says Don Coulter, President and CEO for the B.C.- based credit union. “Through these 75 Acts of Help, we’re going back to our roots while celebrating the members and communities who have made us the success that we are today.”
Coast Capital’s roots stretch back to the mid-20th century, with the founding of one of BC’s earliest financial co-ops, the Victoria Provincial Government Employees Credit Union, on July 24, 1940. Like so many credit unions, Coast Capital’s legacy organizations were founded in the wake of the Great Depression at a time when banks were charging outrageous fees and securing a loan was difficult for people living in Western Canada.
Coast Capital is the result of more than 20 credit unions merging over the years. These heritage organizations were established by farmers, fishermen, meat packers, military and factory workers, telephone and civic employees, parish congregations, and everyday citizens who pooled their resources to provide members with the much needed financial help they were being denied by the banks. For these credit unions, lending decisions were based on close relationships, and it was common for them to consider livestock and fishing equipment as fair loan collateral.
Today, Coast Capital is one of Canada’s largest credit unions with more than 522,000 members, $15.1 billion in assets under administration, 1,600 staff and 50 branches. While banking has become increasingly complex and competitive, Coast Capital’s steadfast commitment to helping members achieve financial well-being has made it one of Canada’s most innovative financial institutions, as well as Canada’s most profitable credit union in 2014.
Coast Capital invites members to join in the celebrations on July 24 by stopping by their local branch for a piece of birthday cake.
“Throughout its evolution, Coast Capital has never lost sight of its mission as a credit union, or the need to be innovative to serve member needs. As a member since 1979, I’ve experienced the value of membership firsthand. As an MLA and former Surrey city councillor, I have also witnessed the powerful impact they have made in communities across the Lower Mainland by supporting programs such Cops for Cancer, Pink Shirt Day and Community Youth Teams. Coast Capital’s birthday and ongoing success is something we can all celebrate.”
- MLA and former Surrey city councillor Marvin Hunt.
About Coast Capital Savings
Coast Capital Savings is Canada’s second largest credit union, owned by its 522,000 members. It has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia and has exciting plans to grow. Product innovations include Canada’s first free chequing account from a full-service financial institution. Coast Capital offers one of Canada’s 10 Most Admired Corporate Cultures™ and was named one of 2014’s BC Top Employers. It is a member of Canada’s Best Managed Companies Platinum Club and an Imagine Canada Caring Company. To learn more, visit www.coastcapitalsavings.com.
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