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.
www.blueshorefinancial.com

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.
www.cccu.ca

Media Contacts:

Allyson Prescesky
Coastal Community Credit Union
communications@cccu.ca

Karen Speirs
BlueShore Financial
media@blueshore.com