Memorandum of Understanding Signed

By joining forces, Coastal Community and BlueShore Financial would create a more advanced and innovative credit union that will effectively compete in the evolving financial services landscape and continue to provide exceptional opportunities to members, clients, employees and communities across the West Coast. 

The pace of change and challenges being faced within the financial services industry are very significant, and this applies to all financial institutions, including credit unions in BC. These challenges 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.

Together, we 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.

This would be a merger of two like-minded credit unions aiming to build a stronger future together. 

Coastal Community and BlueShore Financial have been serving their West Coast and Vancouver Island communities for over 75 years, with a focus on improving the financial wellness of their members and communities. 

Both credit unions are driven by a common vision for the future and strong cooperative values. Both credit unions 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 can build a more resilient, stronger purpose-driven credit union dedicated to creating sustainable benefits for our communities now and for future generations.   

The combination will leverage the strengths, expertise and proven capabilities of both credit unions to provide members and clients with expanded products and services, greater digital innovation and increased access across the West Coast and Vancouver Island. With the combined credit union, you can anticipate having more branches, ATMs, products, services and people to serve you. 

Members will continue to be updated through our website as well as mail and email. While there may be some questions we cannot answer at this early stage in the process, we are committed to keeping members informed on progress as information becomes available.

Please know our decisions will consider the impact on our employees, members, and communities.

Employee exits or layoffs are not being planned.

There will be no branch closures as a result of the proposed merger, and client-facing roles will be largely unaffected. If the merger goes ahead, there will be new opportunities for our employes to grow in their careers and apply for roles in even more locations.

As we come together in shared corporate services, position responsibilities are anticipated to change over time. Within a combined larger and growing organization, we anticipate the need for more capacity and new job opportunities. As such we believe there is a role for everyone, aligned to individual capabilities and aspirations within the future organization. If job responsibilities are adjusted, efforts will be made to train and transition team members to the new responsibilities or positions within the credit union, or support transition to other mutually acceptable options.

The vision for the combined credit union is to help improve the future for our 118,000 members, 800 employees and the dozens of communities we serve. Together, we will maximize our collective strengths and investment in people, products and technology to improve the financial wellness of our members and clients, advance career development for our employees and deliver meaningful impact for our communities. We will build a more resilient, purpose-driven credit union that is dedicated to creating sustainable benefits for our members, employees and communities, now and for future generations.

We are still in the early stages of the potential merger process, which involves various stages, including regulatory consent and applicable member approval. Although a specific effective date for the merger has not yet been determined, it is expected to be in the fourth quarter of 2024. We will provide updates on our website as the process unfolds.  

As we are in the initial stages of discussion with the signing of the Memorandum of Understanding, a decision on the name of the combined credit union has not been made yet. The new name will be communicated to members of both credit unions in advance of the merger vote.

Our plan is to maintain the distinct BlueShore Financial and Coastal Community brands as part of the combined credit union. 

The determination whether members from one or both credit unions would be invited to vote on the proposed merger will be based on the legal structure of the merger. The structure will be determined during the due diligence period.

Members of both credit unions will be provided with information, and opportunities to ask questions and give feedback. Members of the credit union(s) who are invited to vote will receive information about the member vote in advance.

The 2024 Annual General Meeting (AGM) and Directors Election has been delayed until a later date this year. Notification of the new date will be communicated to members closer to the date.

As in past years, the consolidated financial statements will be published on our website in the Reports section. The 2023 summarized consolidated financial statements as well as the consolidated financial statements will also be available upon request in CCCU branches beginning April 8th.

If requested outside the branch members will have the option of picking up the statements from a branch or receiving them by mail or email.

The 2023 financial results will be shared with members at a virtual meeting on April 24th at 10am. Members can register for the virtual meeting on our website at cccu.ca or by calling our Relationship Centre at 1.888.741.1010.