BlueShore Financial and Coastal Community Credit Union Enter Merger Discussions

Mar 12, 2024

Vancouver and Vancouver Island, BC – March 6, 2024 – BlueShore Financial and Coastal Community  Credit Union (“Coastal Community”) are pleased to announce they have signed a Memorandum of  Understanding (MOU) to explore a merger to form a combined credit union serving British Columbia’s West Coast and Vancouver Island communities. The MOU was signed following careful consideration  and extensive discussions between the boards of directors and CEOs of the two credit unions.

The two credit unions have been serving their respective West Coast and Vancouver Island communities  for over 75 years, with a focus on improving the financial wellness of their members and communities.  Together, they would create one of the largest credit unions in British Columbia, with 118,000 members,  36 branches, over 800 employees and close to $12 billion in assets under administration.

The combination will leverage the combined strengths, expertise and geographic diversity of both credit  unions to provide members with expanded products and services, enhanced mobility and convenience,  greater digital innovation and increased access across Greater Vancouver and Vancouver Island communities. The merged credit union will draw on the unique benefits of the cooperative model and  build on the legacies and purpose-driven cultures of the two credit unions. It is anticipated this will create  a more advanced and innovative credit union that has scale to effectively compete in the evolving  financial services landscape while continuing to provide exceptional opportunities to members, clients,  employees and communities.

“Coastal Community and BlueShore Financial have exceptional strengths and offerings and deep roots in  the communities we serve across the West Coast and Vancouver Island. Through this potential  combination, we will build a more resilient, purpose-driven credit union that’s dedicated to creating  sustainable benefits for our communities now and for future generations,” said Dominique Roelants, Chair  of Coastal Community’s Board of Directors. 

“Both credit unions are driven by a common vision for the future and strong cooperative values. We’re  excited about the opportunity to create a stronger credit union that can do so much more for our  members, clients, employees and local communities than either of us could individually,” said Diana  Chan, Chair of BlueShore Financial’s Board of Directors.

“Together, we will maximize our collective investment in people, products and technology with the goal of  delivering even greater value when it comes to delivering member and client financial wellness, employee  career advancement and meaningful community impact,” said Ian Thomas, President and CEO of  BlueShore Financial.

“The pace of change within our industry is very significant. Some of the challenges faced by financial  institutions include growing competitive pressures, increasing regulatory requirements, being relevant to  younger members and clients, and the need for greater investment in technology such as preparing for  open banking and delivering more personalized digital member experiences. By coming together as a  larger credit union, we can apply our combined expertise and financial scale to better respond to both  growing pressures and exciting opportunities,” said Adrian Legin, Coastal Community’s President and  CEO.

Founded in 1946, Coastal Community has 450 employees, 24 branches, serves 85,000 members and  has $4.2 billion in assets under management. Through a continued focus on providing advice to improve  financial health as well as some strategic mergers, Coastal Community has expanded its service delivery  across the islands from Port Hardy to Victoria and is the largest financial services organization based on  Vancouver Island and the Gulf Islands.

With 370 employees and 12 branches, BlueShore Financial serves more than 33,000 members and has  $7.5 billion in assets under administration. Originally founded in 1941 in North Vancouver, BlueShore  Financial has expanded its branch network to Greater Vancouver and the Sea to Sky region, from  Pemberton to Kerrisdale and from Kitsilano to Burnaby Heights.

With the MOU in place, the two credit unions will now conduct the due diligence process to assess the  merger opportunity. Should the boards of directors of both credit unions agree to pursue a merger, the  transaction would be subject to regulatory consent by B.C.’s Superintendent of Financial Institutions and  any applicable member vote as may be required under credit union legislation.

Both credit unions are committed to providing updates as events progress.

About BlueShore Financial Credit Union 

BlueShore Financial is a boutique financial institution providing a full range of personal and business  banking, wealth management, insurance and commercial lending solutions. With a branch network  located across the Lower Mainland and Sea-to-Sky Corridor, BlueShore Financial helps clients achieve  financial wellness® through personalized solutions and expert advice, delivered in a unique Financial  Spa® branch environment. BlueShore Financial manages $7 billion in assets under administration and is  consistently ranked among the top 10 financial planning firms in Metro Vancouver. 

About Coastal Community Credit Union 

Coastal Community Credit Union is the largest Island-based financial services organization on Vancouver  Island and the Gulf Islands serving over 120,000 members and clients and $4.2 billion in assets under  management. With a vision to provide advice that improves financial health, Coastal Community offers a  full range of products and services to meet islanders’ needs from Port Hardy to Victoria.

As a purpose-driven financial co-operative, Coastal Community invests over half a million dollars into  communities annually across the Islands through community funding grants, education awards,  sponsorships and fundraising initiatives. 

Media Contacts: 

Karen Speirs Allyson Prescesky

BlueShore Financial Coastal Community Credit Union

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