Image: Mike Vanden Bosch / Pattison Media

By Mike Vanden Bosch

Credit union merger

Credit unions with branches in Chilliwack, Abbotsford to merge into one federal credit union

Jul 10, 2025 | 11:49 AM

CHILLIWACK — Members of two credit unions with branches in Chilliwack and Abbotsford have voted along with members from a third credit union in B.C. to form a single combined federal credit union.

According to a news release from Coast Capital, Prospera, Coast Capital and Sunshine Coast Credit Union say members have voted to support a historic merger that will create Canada’s largest “purpose-driven” credit union by amalgamating two provincially credit unions and one federally regulated credit union.

To facilitate the merger with Coast Capital, members of Prospera and Sunshine Coast voted in favour of a two-step process: first, to continue under federal regulation for the sole purpose of amalgamation; and second, to proceed with the merger immediately afterwards.

Since Coast Capital is already federally regulated, its members were only required to vote on the merger.

In all three cases, members voted strongly in favour, surpassing the two-thirds threshold needed to proceed to the next stage of regulatory approvals. Prospera members voted 75 per cent in favour, while Coast Capital members supported the merger with 90 per cent of vote, with Sunshine Coast members voting 81 per cent in favour.

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The three credit unions will now undergo regulatory approvals necessary to complete the merger. Approvals will be sought from the BC Financial Services Authority and Credit Union Deposit Insurance Corporation with respect to the federal continuances of Prospera and Sunshine Coast, as well as from the Competition Bureau and the federal Minister of Finance.

The single credit union, if approved, would feature $38.6 billion in assets under administration, 2,500 employees, 730,000 members and 70 branches across the Lower Mainland, Vancouver Island, the Lower Sunshine Coast and the Okanagan. The companies all say the single federal credit union will have increased scale and expects to advance investments in more competitive products and services, enhanced digital banking technology and tools, and initiatives that strengthen and uplift local communities.

“The combined federal credit union will offer a strong and compelling cooperative alternative to the big banks—giving Canadians more choice, more access and more value in how they bank, while setting the stage for future credit union partnerships,” the news released stated.

Image: Mike Vanden Bosch/ Pattison Media / Coast Capital on Luckakuck Way in Chilliwack.

Pending these approvals, it’s expected that the combined federal credit union will be formed in 2026. For the time being, members can continue banking as they normally would. The merged credit union will continue to use the recognized branding of Prospera, Coast Capital and Sunshine Coast brands to ensure a consistent experience for members.

In appreciation of member and employee participation in the vote, and reflecting an ongoing commitment to local communities, each credit union will make a donation: Prospera to Special Olympics BC, Coast Capital to the Youth Futures Education Fund and Sunshine Coast Credit Union to the Sunshine Coast Foundation.

“I am thrilled we’re one step closer to becoming a combined federal credit union,” said Gavin Toy, President and CEO, Prospera. “We’re building on our strong foundation to deliver greater innovation, deeper impact and financial solutions that truly prioritize our members’ best interests.”

“The successful vote to unite our three credit unions demonstrates strong member support for a national, purpose-led alternative in Canadian banking,” said Calvin MacInnis, President and CEO, Coast Capital. “We’re grateful for our members’ trust and look forward to building a stronger future together.”

“This is a significant milestone in preserving and amplifying the unique value of cooperative banking,” said Shelley McDade, CEO, Sunshine Coast. “Achieving the scale required to invest in our member and employee experience while at the same time honouring our 80+ year legacies is truly a win-win. Thank you to our members for your support and taking this historic and exciting next step with us.”