We’re moving forward together: Update on the upcoming merger of Sunshine Coast, Coast Capital and Prospera

We’re now in the final stages of preparing for the member-approved merger of Sunshine Coast Credit Union with Coast Capital and Prospera credit unions. We expect to formally come together later this spring, to form Canada’s largest national purpose‑driven credit union, pending final regulatory approvals.

This is a historic moment that builds on our shared legacy and commitment to the financial well-being and success of our members, employees and communities.

Upon the approval and completion of the merger, Sunshine Coast Credit Union will be known as the brand name Sunshine Coast Financial, part of the Coast Capital Savings Federal Credit Union family of brands. This approach preserves the Sunshine Coast brand our members know and trust, while clearly connecting it to the strength, scale and shared values of a national purpose-driven credit union.

What this means for you.

There will be no immediate changes to how you bank. As we prepare for the legal close of the merger, some internal processes and policies will be aligned to support our combined federal credit union, but these updates will not affect how you bank. The legal close of the merger is the first step in combining our three credit unions. Over the coming months, we’ll continue to operate on separate banking systems as we work to bring together our technology, services and products. That means:

• You’ll continue to bank as you normally do
• Your membership and account numbers will remain the same
• Your existing products and services will stay as they are
• Your local branch locations and hours will remain unchanged
• You’ll be able to continue using any ATM displaying THE EXCHANGE® or ACCULINK® Network logos, free of charge
• You’ll continue to see the same friendly teams you know and trust
• Our ongoing commitments to local community support and investment will remain in place
• You won’t yet be able to use Coast Capital or Prospera branches or call centres if you’re a Sunshine Coast member (and vice versa)
• We will continue to operate with transparency and purpose, prioritizing the financial well-being and success of our members and communities

We’ll be taking a thoughtful, phased approach to ensure a smooth, transparent transition with minimal disruption to members.

Member benefits are on the way.

As we bring our systems and services together in future phases, members can look forward to:

• More competitive products and innovative financial solutions
• A more personalized experience, with specialized expertise and financial advice
• A continuously improving digital banking platform with enhanced self-serve tools
• Increased investment in mobile and online banking features for secure, seamless access
• An expanded branch network across BC, with the ability to support members beyond provincial borders
• Greater capacity to support larger commercial lending opportunities
• Deepened commitments to local community support and investment, creating greater positive impact

As these new benefits are introduced, they will bring to life the strength and promise of a national, purpose‑driven credit union.

Stay alert, be cautious.

Scammers often take advantage of times of change to defraud people, including spoofing phone numbers or masquerading as financial institutions.

Beware of calls, emails or texts asking you for your personal banking information. We’ll NEVER contact you asking for your personal information such as your online banking password, one-time security codes or debit card PIN – even for bringing our systems together and other merger-related activities.

Be cautious—pause before acting on any unusual requests and verify information through official channels. Just hang up and call us at the number on the back of your debit card.

Frequently asked questions.

Why are Sunshine Coast, Coast Capital and Prospera credit unions merging?

Sunshine Coast, Coast Capital and Prospera credit unions are purpose-driven and share the same values of helping people and communities thrive. We each have 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.

What are the expected benefits of the merger?

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

By coming together, we’ll be able to preserve and evolve the unique value of cooperative banking – people helping people, local perspective and community investment.

How will our local community benefit from the merger?

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.

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.

Will some branches close?

Since Sunshine Coast does not have any overlapping locations, there will be no branch closures on the Sunshine Coast as a result of the merger. 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.

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.

How will this merger impact commercial businesses who have lending with Sunshine Coast, Coast Capital and Prospera credit unions?

We’ll honour all existing lending agreements as a combined federal 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.

Why will you adjust your name?

As part of becoming one legal entity under the corporate (legal) name Coast Capital Savings Federal Credit Union, usage of the Sunshine Coast Credit Union and Prospera Credit Union legal names will be discontinued but we will continue to use the brand names 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 current credit unions remain three separate legal entities when, in fact, we’re one entity under the corporate name Coast Capital Savings Federal Credit Union.

Questions?

Have a question not addressed above? Here’s how to contact us.