A few banking institutions and credit unions have announced mergers over the last year, and now a few B.C.-based brands are getting in on the action in a historic way.
Three B.C. credit unions — Coast Capital Savings, Prospera Credit Union and Sunshine Coast Financial — have merged. The official merger date was May 6, 2026.
Coast Capital and Prospera are both based in Surrey, while Sunshine Coast Financial is based in Gibsons.
In an update to its members, Coast Capital says the three credit unions have now formed Canada’s largest national purpose-driven credit union.
Coast Capital says this is the first step in bringing together the systems of all the brands in the coming months.
Right now, the banking systems will continue to operate independently, meaning customers can continue to bank as they normally would.
“The merger follows the successful completion of all regulatory approvals and strong member support across all three credit unions,” Coast Capital said in a news release.
“With more than $40 billion in assets under administration, 2,500 employees, 730,000 members and 70 branches, the combined credit union has the scale to deliver innovative and impactful financial solutions, while building resilience for cooperative banking in Canada,” it added.
Gavin Toy will be president and CEO of the combined credit union.
“By coming together, we strengthen our ability to meet members’ evolving needs, support their long-term financial aspirations, and deliver a modern, cooperative alternative to the big banks,” Toy said in a release.
Coast Capital says local branch locations and hours will remain unchanged during the transition phase. It also promises that member benefits are on the way, including competitive products, a more personalized experience, and improved digital banking.
Earlier this year, we shared that Vancity had merged with First Credit Union. Vancity was also recently named one of the best credit unions in Canada.