Sunshine Coast, Coast Capital and Prospera credit unions are purpose-driven and share the same values of helping people and communities thrive. Prior to the merger, we each had an 80-year legacy and proven track record of improving members’ financial well-being—and we aspire to do even more. Through this merger, we are excited to form a strong, national cooperative alternative to the big banks, offering Canadians greater choice in banking.

By coming together, we can:

• Strengthen our ability to support members’ financial well-being
• Unite our teams under shared cooperative values and a commitment to meaningful community impact
• Create a modern, innovative platform to reshape cooperative banking in Canada
• Stay local at heart while expanding access through a team of 2,500+ professionals and 70+ branches across BC

We’ll remain committed to the communities we serve today and to supporting members for generations to come.

No, not yet. However, following the transition date of November 15, 2026, you will be able to do your banking at any Coast Capital branch on Vancouver Island, the Lower Mainland and Kelowna.

When Prospera joins the shared banking platform in 2027, members will gain access to even more locations across British Columbia. Until then, you can use their ATMs free of charge as they are also part of THE EXCHANGE® or ACCULINK® Network. We are working hard to bring our organization together and we cannot wait for the day we will be able to welcome you into our more than 70 locations.

As a combined federal credit union, we expect we’ll be able to better support you by speeding up and advancing our investments in:

• More competitive products and better services
• Local, personalized advice and specialized expertise
• Improved member experience, including access to more branches
• Enhanced digital banking technology and innovation
• Community initiatives that create greater impact in your local community

Together, we are preserving and evolving the unique value of cooperative banking – people helping people, local perspective and community investment. 

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 have collectively provided more than $30 million to local communities.

When we announced our merger, we shared a vision of creating a stronger alternative to the banks that could deliver greater value to members while deepening our commitment to local communities. We're already beginning to see those benefits come to life.

Donation to Foundry BC

We’ve donated $150,000 to Foundry BC's Work and Education Program. Drawing on the newly combined credit union's combined strength and scale, the donation was made possible through strong member participation in a limited-time GIC offer that featured a competitive rate, along with a $100 donation to Foundry for every GIC account opened. Foundry’s provincewide service helps youth ages 15 to 24 build the skills, confidence and experience needed to succeed in school and the workforce. One-third of the funding will be dedicated to bringing Foundry's Work and Education Program to the Sunshine Coast. Click here to view more.

Formation of the Local Stewardship Council

A local stewardship council has also been formed, dedicated to understanding the member, employee and community experience on the Sunshine Coast while channeling information to the combined credit union’s board of directors and executive team. Council members include senior regional employees and former board members who bring insight into the unique needs of the Sunshine Coast community.

Our community investments will continue and as a combined federal credit union, we’ll maintain and deepen our commitments to local community support and investment.

There will be no branch closures on the Sunshine Coast as a result of the merger, as the Sunshine Coast does not have any overlapping locations. Our same friendly Sunshine Coast employees will still be there to help our members in our branches and members can bank as they normally would.

With respect to our locations in the Lower Mainland, as we bring our operations together over time, we’ll gradually review consolidating our overlapping locations in the Lower Mainland and Okanagan. Any changes will be made with our members’ needs in mind and will be communicated well in advance.

Absolutely. You can continue to confidently rely on an exceptional banking experience with the same friendly people you know. Prospera, Sunshine Coast and Coast Capital are purpose-driven and we 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. 

We’re committed to honouring all existing lending agreements as a combined credit union and commercial businesses can expect no disruption to their banking. As we bring our operations together, we anticipate an increase in our lending capacity in the future due to the larger scale of the organization. 

As part of becoming one legal entity under the corporate (legal) name Coast Capital Savings Federal Credit Union, Sunshine Coast Credit Union and Prospera Credit Union have evolved their names to Sunshine Coast Financial and Prospera.
 
As a regulatory requirement, a federal credit union’s corporate (legal) name must clearly identify it as a federal credit union which ensures the public can immediately distinguish it from a bank or a provincially regulated credit union. Keeping “credit union” in our brand name could unintentionally give the impression that Sunshine Coast and Prospera are still provincially regulated and that the three credit unions remain three separate legal entities when, in fact, we are one entity under the corporate name Coast Capital Savings Federal Credit Union. 

Credit unions have built their success on truly understanding and meeting the unique needs of their local communities. As we transition to a federal model, we won’t lose sight of this important differentiator and the very thing that defines us as a cooperative.

In addition to continuing to collect insights and feedback from members and branch leadership, we recently established a local stewardship council dedicated to understanding the member, employee and community experience on the Sunshine Coast while channeling information to the combined credit union’s board of directors and executive team. Council members include senior regional employees and former board members who bring insight into the unique needs of the Sunshine Coast community. With timely two-way communication, we can expect locally- informed decision-making, more member-centric products and services, and the continued ability to meet the needs of members in communities both large and small.

This merger brings together Sunshine Coast and Prospera—two provincial credit unions—with Coast Capital, a federally regulated credit union, to create Canada’s largest national purpose-driven federal credit union. Before the merger Sunshine Coast and Prospera were regulated by provincial statutes in British Columbia (BC) and the BC Financial Services Authority (BCFSA), and could only conduct core business within BC .

Federal credit unions, like Coast Capital, are governed by federal legislation known as the Bank Act and applicable regulations and guidelines. This is the same federal legislation that governs banks in Canada. Federal credit unions are prudentially regulated by the Office of the Superintendent of Financial Institutions (OSFI). Compliance with federal consumer protection requirements is overseen by the Financial Consumer Agency of Canada (FCAC). In completing the merger with Coast Capital (which was already a federal credit union), Sunshine Coast and

Prospera each had to first continue federally for the sole purpose of completing the merger with Coast Capital, ultimately forming one combined federal credit union.

Following the merger of Sunshine Coast, Coast Capital and Prospera credit unions, members are only required to have five (5) membership shares. Previously, members of Sunshine Coast Credit Union were required to hold a minimum of 25 Class B membership shares and some members hold additional membership shares. This initiative will bring consistency across the membership of the combined credit union. Sunshine Coast Financial members with more than five (5) shares will receive a redemption and refund to their account.

The redemption of these shares does not impact your membership with Coast Capital Savings Federal Credit Union or its brand Sunshine Coast Financial.

Each eligible member will continue to hold five (5) membership shares, which represent your equity interest in the credit union, and gives you the right to vote in Board of Director elections and on major decisions.

While the number of shares you hold has changed, you retain the exact same opportunities as a credit union member to vote and shape the credit union as you did previously.

Some eligible members may not have received notification or payment of the share redemption if they did not have a chequing or savings account, and a current mailing address on file with the credit union. If you believe you are entitled to a redemption payment, please visit a branch or contact our Member Service Centre at 604.740.2662 or 1.800.320.4588. We will confirm your redemption and help arrange payment of any funds related to your excess shares.