Sunshine Coast, Prospera and Coast Capital credit union members approve merger

SURREY and GIBSONS, BC, July 9, 2025 - Sunshine Coast Credit Union ("Sunshine Coast"), Prospera Credit Union ("Prospera") and Coast Capital Savings Federal Credit Union ("Coast Capital") are excited to announce that members of all three credit unions have voted in favour of merging to form a combined federal credit union. The historic merger will create Canada's largest national purpose-driven credit union by bringing together two provincially regulated credit unions and one federally regulated credit union.

To enable the merger with Coast Capital, members of Prospera and Sunshine Coast voted in favour of a two-step process: first, to continue under federal regulation for the sole purpose of amalgamation; and second, to proceed with the merger immediately afterwards. As Coast Capital is already federally regulated, its members were only required to vote on the merger.

In all three cases, members voted strongly in favour, surpassing the two-thirds threshold needed to proceed to the next stage of regulatory approvals:

• Sunshine Coast: 81 per cent of votes in favour
• Prospera: 75 per cent of votes in favour 
• Coast Capital: 90 per cent of votes in favour 

Together, with more than $38.6 billion in assets under administration, 2,500 employees, 730,000 members and 70 branches across the Lower Mainland, Vancouver Island, the Lower Sunshine Coast and the Okanagan, the combined federal credit union will have increased scale and expects to advance investments in more competitive products and services, enhanced digital banking technology and tools, and initiatives that strengthen and uplift local communities. 

The combined federal credit union will offer a strong and compelling cooperative alternative to the big banks—giving Canadians more choice, more access and more value in how they bank, while setting the stage for future credit union partnerships.

The three credit unions will now seek the regulatory approvals necessary to complete the merger. Approvals will be sought from the BC Financial Services Authority and Credit Union Deposit Insurance Corporation with respect to the federal continuances of Prospera and Sunshine Coast, as well as from the Competition Bureau and the federal Minister of Finance.

Pending these approvals, it's expected that the combined federal credit union will be formed in 2026. For the time being, members can continue banking as they normally would. The merged credit union will continue to use the trusted and familiar Sunshine Coast, Prospera and Coast Capital brands to ensure a consistent experience for members. 

In appreciation of member and employee participation in the vote, and reflecting an ongoing commitment to local communities, each credit union will make a donation: Prospera to Special Olympics BC, Coast Capital to the Youth Futures Education Fund and Sunshine Coast Credit Union to the Sunshine Coast Foundation.

"I am thrilled we're one step closer to becoming a combined federal credit union," said Gavin Toy, President and CEO, Prospera. "We're building on our strong foundation to deliver greater innovation, deeper impact and financial solutions that truly prioritize our members' best interests." 

"The successful vote to unite our three credit unions demonstrates strong member support for a national, purpose-led alternative in Canadian banking," said Calvin MacInnis, President and CEO, Coast Capital. "We're grateful for our members' trust and look forward to building a stronger future together."

"This is a significant milestone in preserving and amplifying the unique value of cooperative banking," said Shelley McDade, CEO, Sunshine Coast. "Achieving the scale required to invest in our member and employee experience while at the same time honouring our 80+ year legacies is truly a win-win. Thank you to our members for your support and taking this historic and exciting next step with us."

About Prospera Credit Union

Local banking means investing in Local Good. Built on 80 years of service in local communities, Prospera Credit Union is a community-based, purpose-driven organization that offers a full range of financial products and services. Prospera is one of the largest credit unions in British Columbia, with approximately $9.3 billion in assets under administration and 115,000 members. With 24 branches, Prospera is proud to serve communities throughout the Lower Mainland, Fraser Valley and Okanagan. Prospera has consistently been designated a Great Place to Work, including as one of the "Best Workplaces in BC" and "Best Workplaces in Canada." It's our purpose to build the financial prosperity of our members, enabling thriving local enterprises, financially empowered people and vibrant, healthy communities.

About Coast Capital 

At Coast Capital, we're not dreaming about a better future, we're building one. We're a member-owned financial cooperative with a more than 80-year legacy of unlocking financial opportunities that positively impact people and communities. We believe that every Canadian deserves a financial partner who actually cares how things turn out. Driven by our social purpose, we look at everything we do through the lens of how we can help our nearly 600,000 members, our employees, and communities. We're proud to be a Certified B Corporation™ and part of a global movement building a more inclusive, equitable and regenerative economic system. We're deeply committed to making our financial cooperative a great place to work as demonstrated by some of our accolades. Coast Capital is a platinum member of Canada's Best Managed Companies and one of Canada's Most Admired Corporate Cultures.

About Sunshine Coast Credit Union

For more than 80 years, Sunshine Coast Credit Union has enriched lives and community where our members live and work. With approximately $1.2 billion in assets under administration, we are a cooperative financial institution delivering personalized financial wellness to close to 17,000 members through three branches, a digital platform and full-service member service centre. Purpose-driven, investing in one another to build a healthy community is how we began, a legacy that continues today. 

Media contacts:

Prospera | Elise Steeves | elise.steeves@prospera.ca

Coast Capital | Erin McKinley | media@coastcapitalsavings.com

Sunshine Coast Credit Union | Jodi Fichtner | jfichtner@sunshineccu.net