Three B.C. credit unions have received the green light from their members to form one of Canada’s largest financial institutions.
Coast Capital Savings Federal Credit Union, Prospera Credit Union and Sunshine Coast Credit Union announced Wednesday their members have voted in favour of the merger, passing the two-thirds threshold.
Ninety per cent of Coast Capital members voted in favour, 75 per cent of Prospera members approved the deal and Sunshine Coast received 81 per cent support, according to a Wednesday statement.
"The successful vote to unite our three credit unions demonstrates strong member support for a national, purpose-led alternative in Canadian banking," Calvin MacInnis, president and CEO of Coast Capital, said in a statement.
"We're grateful for our members' trust and look forward to building a stronger future together."
The credit unions announced their intention to merge in April. The new credit union would manage more than $38.6 billion in assets, employ 2,500 people and serve 730,000 members across 70 branches in the province’s southwest region.
The organizations said the merger will support investments in more competitive products and services, enhance digital banking technologies and tools, and strengthen community initiatives.
The credit unions will now seek regulatory approvals to complete the merger. Pending those approvals, the combined federally regulated credit union is expected to launch in 2026.
“For the time being, members can continue banking as they normally would,” Wednesday’s announcement stated.
“The merged credit union will continue to use the ... Prospera, Coast Capital and Sunshine Coast brands to ensure a consistent experience for members.”
Coast Capital Savings and Prospera are the second- and fourth-largest credit unions by assets in B.C., according to WOWA.ca.
Vancouver City Savings Credit Union, better known as Vancity, is B.C.’s largest credit union by assets. It is exploring a merger with First Credit Union, as announced in February.
