Let’s power the future for all of us
Together, we’ll help our members, employees and communities thrive like never before.
For more than 80 years, Prospera, Coast Capital and Sunshine Coast credit unions have worked to improve the financial well-being of our members, provide rewarding careers for our employees, and uplift the local communities we serve.
We’re excited to share that our three credit unions intend to merge to create Canada’s largest national purpose-driven credit union. By coming together, we’ll have the strength to do more for our members, employees, and communities than ever before. We expect to be able to scale our operations and unlock new opportunities to support you, our members, even better with competitive, personalized financial solutions. We firmly believe that this proposed merger will allow us to enhance our investments in more modern technology, offer more innovative products and services, and have broader reach to support your banking, business and wealth management needs.
We’re building a credit union to power the future for all of us.
Have your say. Members of each credit union will have the opportunity to vote to decide whether we should merge to form one combined federal credit union. As part of this, Prospera and Sunshine Coast members will vote to allow their credit unions to apply to continue as federal credit unions for the purpose of completing the merger immediately afterwards.
Important information for members:
We encourage you to take the time to learn more about the proposed merger between Prospera, Coast Capital and Sunshine Coast credit unions and how together we’ll deliver greater impact for our members, employees and communities—today and for generations to come.
To help you make an informed vote, we have prepared extended digital guides for members of each credit union. The guides provide information on the merger, the continuance process for Prospera and Sunshine Coast, the expected benefits for our members, employees and communities, risks and how we plan to mitigate them, information on how the combined federal credit union will operate, the Amalgamation Agreement, and more.
Read the extended digital guides here:
“We’re excited that by coming together we’ll be able to invest in the products, expertise, and digital tools that meet our members’ needs today and for generations to come.”
Shelley McDade, CEO, Sunshine Coast Credit Union
Why merge now:
We recognize that our members, and Canadians more broadly, are experiencing a multitude of challenges. The economic outlook, geopolitical instability, inflation, housing prices, and wealth inequality play a role in all of our lives.
At the same time, the financial landscape is changing rapidly through economic shifts, member and regulatory expectations, digital innovation, and growing competition. Combining our resources will help us continue to keep pace with increasing regulatory requirements and competitive pressures while investing in new technologies that elevate your experience as a member.
Together, we’ll offer a strong and compelling alternative to the big banks—giving Canadians more choice, more access, and more value in how they bank.
Expected merger benefits:
Let’s power the future for our members
More competitive products and innovative financial solutions
Personalized advice and specialized expertise
An award-winning digital banking platform
Increased investments into online and mobile banking tools
Expanded branch network with more than 70 locations
Serving all existing communities where we currently operate
Larger commercial lending opportunities
The Prospera, Coast Capital and Sunshine Coast teams and brands you know and trust will continue to serve you.
Let’s power the future for our employees
New career pathways, broader skills training and mentorship
A culture that builds on the strengths of each organization
A shared passion for supporting members and cooperative banking
Continued flexibility of a hybrid and remote work environment
Access to more tools, technology and systems to better help our members
Ability to make an even greater impact on our communities
Employee experience that prioritizes well-being and professional growth
Let’s power the future for our communities
Deepened commitments to local community support and investment
Expanded employee volunteer programs and initiatives
Continued commitment to the Prospera Foundation
Continued investments dedicated to Sunshine Coast communities and initiatives
Together as a combined federal credit union, we expect to:
- Create the scale needed to be competitive for long-term sustainability
- More easily respond to existing and emerging risks
- Diversify geographically through expanded national reach
- Support the financial well-being of more people across Canada
- Accelerate investments in our members, employees, and communities
- Partner with other credit unions for combined strength and innovation
The combined federal credit union will have:
730,000+
members
2,500+
employees
70+
branches
$38.6B
in assets under administration
See your credit union’s extended digital member guide for more details.
“Together, we aspire to do even more—providing more innovative and impactful financial solutions, along with personalized advice that truly prioritizes our members’ best interests.”
Gavin Toy, President and CEO, Prospera Credit Union
Voting:
Your voice matters, and we encourage you to vote. When you do, you’re helping shape the future of your credit union—and in appreciation of your vote, you’ll help us give back to our communities even more!
The Board of Directors of all three credit unions have reviewed the benefits of this proposed merger—and the risks of not merging—and unanimously recommend you vote YES on this historic opportunity, believing wholeheartedly in the benefits it will bring for our members, our employees and our communities.
Click for more information regarding your credit union’s Special Resolution, upcoming Special General Meeting (SGM), voting FAQs and to vote online.
Voting opens June 24
For every vote cast, we’ll donate $1 to
The Special Olympics BC
(up to a total of $25,000)
Voting open until June 26
For every vote cast, we’ll donate $1 to
the Youth Futures Education Fund
(up to a total of $50,000)
Voting opens June 24
For every vote cast, we’ll donate $1 to
the Sunshine Coast Foundation
(up to a total of $10,000)
Advance voting will be available by mail-in ballot and online. Members can also vote in person at the SGM of their credit union.
Join our upcoming Open Houses and Coffee Chats with Prospera, Coast Capital and Sunshine Coast.
We invite you to come to one of the Member Open House or Coffee Chat sessions we’re hosting in the communities where we operate. You’ll have a chance to talk with members of our management team and Board of Directors about the vision for our combined credit union, to ask questions and to be part of our shared path forward.
Prospera Open Houses and Coffee Chats
Coast Capital Open Houses and Coffee Chats
Sunshine Coast Open Houses and Coffee Chats
“We’re proud of our strong credit union roots, and that will never change. We were built by members, for members and we’ll always be committed to their financial well-being and success.”
Calvin MacInnis, President and CEO, Coast Capital
Progress and timeline:
Discussions
Special committee formed
Due diligence begins
Intent to merge announced
Member engagement
Voting
Results announced
Regulatory applications for approval
Discussions
Merger discussions initiated
Board Special Committees of each credit union established to consider merger opportunities
Special committee formed
Joint Special Committee of the Board Special Committees is created to guide continuance and merger discussions
Initial due diligence and evaluation
Boards of Directors of all three credit unions endorse the continuance and merger subject to the business case, further due diligence and other conditions
Due diligence begins
Formal engagement of provincial and federal regulatory bodies
Comprehensive business case and due diligence begins
Recommended Board of Directors of the combined federal credit union selected
Intent to merge announced
Intent to continue and merge announced to members by all three credit unions
Business case and due diligence is completed
Amalgamation Agreement and Bylaws approved by the Boards of Directors of all three credit unions
Member engagement
Business case and due diligence approved by the Boards of Directors of all three credit unions along with the approval to proceed to member votes
Powerthefuture.ca launched to provide members with information
Member guide and voting materials mailed to members
Special General Meetings announced to members
Voting
Prospera and Sunshine Coast members vote on the federal continuance and the merger
Coast Capital members vote on the merger
Results announced
Voting results expected to be announced on powerthefuture.ca and the websites of all three credit unions by July 8, 2025
Regulatory applications for approval
Regulatory applications for approvals and completion of the merger
FAQs:
Merger Overview
Why are Prospera, Coast Capital and Sunshine Coast credit unions planning to merge?
Prospera, Sunshine Coast and Coast Capital are purpose-driven credit unions who share the same values of helping people and communities thrive. We each have an 80-year legacy and proven track record of improving members’ financial well-being—and we aspire to do even more. This merger will strengthen our ability to continue to make a meaningful impact for members, employees and communities and build resilience for cooperative banking in Canada.
What are the expected benefits of the merger?
Mergers in the credit union industry are becoming increasingly common. In a rapidly evolving world, we know our members need a trusted financial partner who is invested in their success and can meet their changing needs quickly. As a combined credit union, we expect to better support you by speeding up and advancing our investments in:
- More competitive products and better services
- Local, personalized advice and specialized expertise
- Improved member experience, including access to more branches
- Enhanced digital banking technology and innovation
- Community initiatives that create greater impact in your local community
Together, we’ll preserve and evolve the unique value of cooperative banking – people helping people, local perspective and community investment.
Will the merged credit union be provincially or federally regulated?
Prospera and Sunshine Coast credit unions currently operate under BC provincial regulation. They will transition to federal regulation in a process called continuance and then immediately merge with Coast Capital to become a BC-headquartered, federally regulated credit union. This will provide important benefits, including the ability to serve business and personal banking members as they move and grow outside BC. It’s important to know that even as a national purpose-driven credit union, we’ll still be the same local, friendly team you know and trust.
What will the name of the merged credit union be?
The combined federal credit union will continue to use the trusted and familiar Prospera, Coast Capital and Sunshine Coast brand names, so you can bank with us as you normally would. As Coast Capital is already federally regulated, the legal name of the combined federal credit union will be Coast Capital Savings Federal Credit Union for the time being.
How will local communities benefit?
We’re proud of our credit union roots, and our dedication to our local communities is unwavering. Over the past five years, Prospera, Coast Capital and Sunshine Coast credit unions have collectively provided more than $30 million to local communities.
Our community investments will continue and as a combined credit union, we’ll maintain and deepen our commitments to local community support and investment.
Member Banking
What will happen to my accounts and banking services?
This merger is about making banking better for you, our members. We’ll continue to offer a full suite of products and services for personal, business and wealth members. Upon successful completion of the merger, existing mortgages and lines of credit will also continue.
Over time, we’ll combine our banking systems and services, giving you convenient access to more than 70 branches across the Lower Mainland, Fraser Valley, Vancouver Island, the Lower Sunshine Coast and the Okanagan. As always, we’re committed to minimizing any disruptions and keeping our members informed well in advance of any changes.
Will some branches close? Will I still see the same employees in branches?
In the short term, there will be no changes to our branch locations, and members can bank as they normally would. Our same friendly employees will still be there to help our members in our branches.
After the merger is completed, we’ll gradually review consolidating our few overlapping locations in the Lower Mainland. This will only take place after our technology is integrated, so that our members will have the ability to be served at any of our 70+ locations. Any changes will be made with our members’ needs in mind and will be communicated well in advance. Since Sunshine Coast does not have any overlapping locations, no consolidation is needed on the Sunshine Coast.
Will local needs still be supported?
Absolutely. You can continue to confidently rely on an exceptional banking experience with the same friendly people you know. Prospera, Sunshine Coast and Coast Capital are purpose-driven credit unions who share the same values of helping people and communities thrive. We’re all proud of our strong cooperative credit union roots, and that will never change. We were built by members, for members, and we’ll always have your best interest at heart.
What will the impact be on commercial businesses who have lending with Coast Capital, Prospera or Sunshine Coast credit unions?
We’re committed to honouring all existing lending agreements as a combined credit union. Following the merger, we anticipate an increase in our lending capacity due to the larger scale of the organization. In the interim, commercial businesses can expect no disruption to their usual operations or business activities with Coast Capital, Prospera and Sunshine Coast.
Voting
What will members be asked to vote on?
Prospera and Sunshine Coast credit union members will vote on both the continuance and the merger. As Coast Capital is already federally regulated, its members will only vote on the merger. Voting results are expected to be announced on powerthefuture.ca and the websites of all three credit unions by July 8, 2025.
Board of Directors:
To select the recommended initial Board of Directors for the combined federal credit union, an objective governance process has been followed. The Board of Directors being recommended for member approval is set out as follows and in the Amalgamation Agreement. Directors will have initial terms of one, two or three years and the combined federal credit union will have annual director elections. The initial Board of Directors of the combined federal credit union will include:
Bob Armstrong
Gina Arsens
Charlotte Burke
Gigi Chen-Kuo
Jill Donaldson
Susan Dujmovic
Jerome Dwight
Ingrid Leong
Nancy McKenzie
Firdos Somji
Calvin MacInnis*
Gavin Toy*
Bob Armstrong | two-year term
Bob is a seasoned executive and corporate director with extensive experience in finance, governance and strategic leadership. Contributing a keen understanding of member-focused technology, financial expertise, communication skills and governance experience, Bob has served on Coast Capital’s Board for nine years, including his current role as Board Chair and previously as Chair of the Audit & Finance Committee.
Bob’s Board experience includes directorships with Rocky Mountaineer and the Institute of Corporate Directors, and he was previously on the Board of Central 1 Credit Union. His executive background includes leadership roles with Ritchie Bros. Auctioneers, where he held executive positions including Chief Financial Officer, Chief Operations Officer and Chief Strategic Development Officer.
In addition to his corporate responsibilities, Bob is committed to the community and serves as Board Chair of both Ballet BC and the Chris Spencer Foundation, and is an active member of Social Venture Partners.
Bob is a Fellow of the Chartered Professional Accountants of BC (FCPA, FCA) and holds the ICD.D designation from the Institute of Corporate Directors.
Gina Arsens | three-year term
Gina is a seasoned executive and corporate director with experience in leadership, finance, technology, transformation and governance with a commitment to community, integrity, and growth. Gina has served on Prospera’s Board for five years, including her current role as Board Chair and previously chair of the Business Transformation Committee.
Gina’s Board experience includes directorships with Beanworks AP, the YWCA and York House School. She is the Founder & CEO of Yumasoy Foods Ltd., a Vancouver startup, and prior to that was the CFO of Ideon Technologies Inc. and the Digital Supercluster, and the CEO of a software company, bringing deep financial expertise, strategy and compliance knowledge to her leadership roles.
Gina is a Fellow of the Chartered Professional Accountants (FCPA, FCA), a Chartered Business Valuator (CBV), and holds the ICD.D designation from the Institute of Corporate Directors. She has been honored as one of BC’s Top 40 under 40, one of BC’s Most Influential Women in Finance, and a “Game Changer, One to Watch” by Natural Products Canada.
Charlotte Burke | two-year term
Charlotte is an experienced senior executive having worked with Microsoft and Bell Canada, leading teams through major technology transformations in highly regulated industries. Charlotte has served on Coast Capital’s Board for six years and is currently Chair of the Human Resources Committee.
Charlotte’s Board experience includes serving on both public and private Boards, including Halton Health Services, Postmedia Networks, Ontario Lottery and Gaming Corporation, and Acadia University. She is currently on the Board of Adentra Inc.
Beyond her corporate roles, Charlotte volunteers her time with several organizations in her community as an advisory and advocate for business start-ups, helping women and young entrepreneurs build the next generation of successful Canadian leaders and companies.
She has a Master of Business Administration from Harvard University, a Bachelor of Business Administration in accounting from Acadia University and holds the ICD.D designation from the Institute of Corporate Directors.
Gigi Chen-Kuo | one-year term
Gigi is an experienced senior executive, legal advisor and governance professional within the public and not-for-profit sectors. Her 30-year career in public transportation included roles such as Chief Operating Officer, Interim CEO, and General Counsel & Executive Vice-President Corporate Services at TransLink, with experience operating within a complex regulatory compliance environment. Gigi is currently the CEO/Executive Director of the Law Society of BC. Gigi has served as a director on Coast Capital’s Board since 2024.
Gigi’s Board experience includes directorships with the Union Gospel Mission Board where she serves as Board Chair, and the British Columbia Automobile Association and the Transportation Investment Corporation. Gigi is also a member of the Dean’s Advisory Council at UBC Peter A. Allard School of Law, and previously served on the Boards of Commissionaires BC, Consumer Protection BC, and the Boys and Girls Clubs of South Coast BC.
Gigi has a Bachelor of Laws from the University of British Columbia and holds the ICD.D designation from the Institute of Corporate Directors.
Jill Donaldson | two-year term
Jill is a senior corporate and securities lawyer primarily in the investment and financial services sectors, and now focuses on corporate directorships. She brings expertise in governance, capital markets, risk management and compliance, M&A and stakeholder engagement along with strong financial acumen and a strategic mindset. Jill has served on Prospera’s Board for four years and is currently the Chair of the Business Transformation Committee.
Jill’s Board experience includes directorships with Bluestone Resources Inc., Great Bear Royalties Corp., and currently with Fireweed Metals Corp. where she is Chair of the Governance and Compensation Committee.
Beyond her corporate responsibilities, Jill is actively involved in the community as Vice-Chair of Canuck Place Children’s Hospice and as a governor on the Board of Governors of York House School.
Jill has a Bachelor of Laws from the University of British Columbia and a commerce degree from the Sauder School of Business at the University of British Columbia and holds the ICD.D designation from the Institute of Corporate Directors, and the GCB.D (Global Sustainability and ESG) designation from Competent Boards.
Susan Dujmovic | one-year term
Susan is a seasoned corporate director with a wealth of expertise in risk management and compliance. Her executive career includes over 30 years with HSBC Bank Canada (now RBC), where she specialized in enterprise risk management, compliance, governance, and corporate sustainability. Susan has served on Coast Capital’s Board for four years and is currently the Chair of the Risk Review Committee.
Susan’s extensive Board experience spans provincial and federal Crown corporations, as well as regulatory organizations, showcasing her leadership in governance. Her Board experience includes directorships with Infrastructure BC, the Mutual Fund Dealers Association, and the Royal Canadian Mint.
Outside of her professional endeavors, Susan is a dedicated community leader who actively supports non-profit initiatives and serves on the Board of the Delta Hospital and Community Health Foundation.
Susan has a Bachelor of Administration from the University of British Columbia and holds the ICD.D designation from the Institute of Corporate Directors. She is a Canadian Board Diversity Council, Diversity 50 award recipient.
Jerome Dwight | three-year term
Jerome is the Co-Founder and Executive Chairman of BoomerangFX, a leading healthcare technology company operating in over 20 countries, ranked 23rd fastest-growing technology company in North America on the Deloitte Fast 500 and 6th in Canada on the Deloitte Fast 50. As an entrepreneur, Jerome brings experience launching and scaling ventures across fintech, SaaS, and financial services. Jerome has served on Coast Capital’s Board for three years.
Jerome previously served as Chief Executive Officer of Bank of New York Mellon Canada and led RBC’s international wealth management subsidiaries across 15 countries. During the 2008 financial crisis, he was appointed by Canada’s Federal Minister of Finance as a senior advisor to help design regulatory and stimulus measures to stabilize the economy.
Jerome is a Chartered Professional Accountant (CPA, CA), holds the Chartered Financial Analyst (CFA) designation and a Master of Business Administration from York University. He was named one of Canada’s Top 40 Under 40 and one of the Top 25 Lending Executives in Canada by the Canadian Lenders Association.
Ingrid Leong | one-year term
Ingrid is a Chartered Professional Accountant (CPA, CA) with deep expertise in finance, wealth management, tax, and governance. She began her career with PwC Vancouver and has since worked with numerous families and high-net worth individuals, leading their family office function and providing critical expertise in the areas of portfolio management, asset allocation, tax and estate planning, and multi-generational philanthropy. Ingrid has served on Prospera’s Board for two years.
Ingrid’s Board experience includes directorships with Canada Council for the Arts, and the inaugural Board of InBC.
Beyond her professional endeavors, Ingrid is committed to supporting the local community and serves on the Board of The Forum (formerly the Forum for Women Entrepreneurs), an organization dedicated to supporting and elevating women entrepreneurs. Ingrid was also previously a director with Ballet BC.
Ingrid has a Bachelor of Science, Minor in Commerce from the University of British Columbia and has been recognized as one of BC’s Most Influential Women in Finance.
Nancy McKenzie | three-year term
Nancy is a professional corporate director and former financial executive with expertise in strategic, operational, financial and executive leadership. During her 19-year career with Seaspan ULC, the last 12 as Chief Financial Officer, she was responsible for leading finance, information technology, risk management, supply chain, security, corporate communications and managing large capital projects. Nancy has served on Coast Capital’s Board for seven years, including five years in the role of Vice-Chair, and three years as Chair of the Risk Review Committee.
Nancy’s Board experience includes her previous role as the Chair of the Board of Governors for the University of British Columbia, and current role as Chair of the Audit Committee for Swiss Water Decaffeinated Coffee.
In addition to her corporate experience, Nancy is an avid community supporter, previously holding volunteer leadership roles with youth sports organizations and campaigned in support of multiple health charities, most recently BC Women’s Health Foundation.
Nancy is a Fellow of the Chartered Professional Accountants of BC (FCPA, FCA) and holds the ICD.D designation from the Institute of Corporate Directors. She has received several awards for her professional and community leadership including CFO of the Year, BC’s Most Influential Women in Finance, BC’s Most Influential Business Leaders and Association of Women in Finance Peak Award for Board Leadership.
Firdos Somji | three-year term
Firdos is a results-driven global financial services executive and change champion who brings expertise in member experience management, strategy development, corporate governance, M&A integrations, business transformations, risk management and cross-cultural leadership. During his 40-year career at Scotiabank, he held a variety of senior leadership roles in retail, commercial and small business banking. Firdos has served on Coast Capital’s Board for three years and is currently the Chair of the Audit and Finance Committee.
Firdos’ Board experience includes being the Chair of the Departmental Audit Committee for the Government of Canada (CBSA) and director on Asthma Canada.
Outside of his professional endeavors, Firdos is passionate about giving back to his community, acting as an advisor and strategic mentor to entrepreneurs to help them to grow and realize their business growth potential. He also volunteers on the Governors Circle for Oak Valley Health and serves on the Dalhousie University MBA Advisory Council.
Firdos has a Master of Business Administration in Financial Services from Dalhousie University, is a fellow of the Institute of Canadian Bankers with honors and holds the ICD.D designation from the Institute of Corporate Directors.
Calvin MacInnis* | three-year term
Calvin is the President and Chief Executive Officer of Coast Capital and a member of its Board of Directors. With a belief that financial institutions have a responsibility to make a real difference in people’s lives, he has led his career with purpose, growing businesses, forging strong partnerships, and driving innovation to better serve members, employees, and communities. Complementing this strategic vision, Calvin brings his expertise in finances, customer experience, capital raising, new market development, regulatory issues, and technology trends to growing cooperative banking in Canada responsibly.
Before joining Coast Capital in 2019, Calvin held several executive roles across the financial services industry, including President of TD Waterhouse Canada; Co-founder, Director and Managing Partner of QTrade Financial Group; and President and Managing Director of Assante Corporation.
Passionate about his community, Calvin and his family volunteer with the Canadian Cancer Society, and have long supported Ronald MacDonald House and Covenant House.
Calvin holds a Master of Business Administration from the University of Ottawa, a Bachelor of Arts in Economics from Carlton University, and is a Chartered Financial Analyst Level 3 Candidate. He holds the ICD.D designation from the Institute of Corporate Directors.
Gavin Toy* | three-year term
Gavin is the President and Chief Executive Officer of Prospera, a position he has held since 2012. As a collaborative relationship builder and strategic business leader with deep financial experience, Gavin has spent the past 30 years helping grow BC member-based organizations. He has an unwavering focus on delivering value for members, engaging employees and supporting local communities, and is passionate about the power of financial cooperatives in Canada. In addition to his senior leadership role at Prospera, Gavin currently serves on the Board of the Canadian Credit Union Association.
Before joining Prospera, Gavin held several executive positions with the British Columbia Automobile Association (BCAA) most recently as Chief Operating Officer. Gavin spent the past 6 years on the Board of the Canadian Credit Union Association (including as Vice Chair) and has served on the Credential Financial Inc. Board (now Aviso). He also served 6 years on the Board of Canuck Place Children’s Hospice, including two years as Board Chair.
Gavin is a Fellow of the Chartered Professional Accountants of BC (FCPA, FCA). He is a graduate of the Queen’s University Executive Leadership program, holds a business degree from Simon Fraser University and the ICD.D designation from the Institute of Corporate Directors.
*The Bank Act requires that the CEO be appointed from among the members of the Board. This is why Calvin MacInnis and Gavin Toy, the current CEOs of Coast Capital and Prospera respectively, are named above as directors for the combined credit union. Should Mr. MacInnis or Mr. Toy not be selected as CEO of the combined credit union, they will resign as director.
See your credit union’s extended digital member guide for more details.
Contact:
We’re here to help with any questions you may have. Please contact your credit union directly or stop by your local branch.
