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Prospera, Coast Capital and Sunshine Coast credit unions close historic merger to form Canada’s largest national purpose-driven credit union.

Latest news: Gavin Toy selected as President & CEO of the future combined federal credit union.

  • Surrey, BC May 6, 2026 – Prospera, Coast Capital and Sunshine Coast credit unions today announced the legal close of their merger, effective May 6, 2026, marking a defining moment for cooperative banking in Canada. This milestone unites two provincially regulated credit unions and one federally regulated credit union into a single federal entity. Together, they form Canada’s largest national purpose-driven credit union—strengthening choice, access and value for Canadians.

    The merger follows the successful completion of all regulatory approvals and strong member support across all three credit unions. 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.

    As previously announced, Gavin Toy now serves as President and CEO of the combined credit union, with the executive leadership team also appointed. Operating as Coast Capital Savings Federal Credit Union, the organization will continue to use the trusted and familiar Prospera, Coast Capital and Sunshine Coast brands, ensuring continuity and familiarity for members.

    “Today is about more than scale. It’s about impact,” said Gavin Toy, President and CEO. “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. This merger positions us to invest more deeply in competitive products, leading edge digital experiences and the communities we serve—while paving the way for future credit union partnerships.”

    Chair of the Board of Directors for the newly combined credit union, Bob Armstrong, recognizes the important role that both members and employees have played in reaching this pivotal moment. “This milestone reflects the confidence that our members and employees placed in this vision,” said Armstrong. “Their trust, engagement and support made this merger possible, and we’re deeply grateful as we begin this next chapter together — stronger, more resilient and rooted in cooperative values.”

    With the merger now legally complete, the combined credit union is focused on integration activities that will unlock new benefits for members, employees and communities, including expanded branch access, more personalized advice, innovative financial solutions, new career opportunities and deeper community impact. Members can continue banking as they normally would and will be kept informed as new benefits are introduced, bringing to life the strength and promise of a national, purpose‑driven credit union.

    For more on what this means for members, employees and communities, visit www.powerthefuture.ca

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    About Coast Capital Savings Federal Credit Union  

    Coast Capital Savings Federal Credit Union is Canada’s largest national purpose-driven credit union. With more than 730,000 members and $40 billion in assets under administration, we offer a modern, cooperative alternative in banking—strengthening choice, access and value for Canadians.  

    For over 85 years, we’ve worked to improve the financial well-being of our members, provide rewarding careers for our employees, and positively impact communities. We operate as a family of trusted brands, including Prospera, Coast Capital and Sunshine Coast Financial, serving members through more than 70 branches and across digital and phone channels to help them save, spend and invest confidently throughout their lifetime. 

    A proud social purpose organization and Certified B Corporation™, we are part of a global movement building a more inclusive, equitable and regenerative economic system. Over the last two decades, we’ve invested more than $135 million into the communities we serve. Consistently recognized as a best-in-class employer, we’re deeply committed to making our credit union a great place to work. 

    MEDIA INQUIRIES:

    Erin McKinley | media@coastcapitalsavings.com

  • May 6, 2026 – We’ve officially merged to form Canada’s largest national purpose-driven credit union! For now, your banking stays the same. While there is more to come as we continue to bring together our operations, this moment marks an exciting milestone that will bring more choice, more access and more value for members across our combined communities.  

    What this means for you today – No action required. This is the first step in combining our three credit unions as we bring together our systems, services and products behind the scenes over the coming months. For now, we will continue to operate on separate banking systems. That means:  

    • You’ll continue to bank as you normally do today.
    • You cannot yet use Coast Capital or Prospera branches or call centres if you’re a Sunshine Coast Financial member (and vice versa).
    • You’ll continue to see the same friendly teams you know and trust
    • We will continue to operate with transparency and purpose, prioritizing the financial well-being and success of our members and communities.

    We’re taking a thoughtful, phased approach to ensure a smooth, transparent transition with minimal disruption to members.

    There are no immediate changes to your banking

    • Your membership and account numbers remain the same
    • Your existing products and services stay as they are
    • Your local branch locations and hours remain unchanged
    • You can continue to use any ATM displaying THE EXCHANGE® or ACCULINK® Network logos, free of charge.
    • Our ongoing commitments to local community support and investment remain in place

    While there will be some changes in the future as we bring our systems together, we are committed to keeping you informed as this work progresses and new benefits are introduced.

  • October 2, 2025 – The CEO Selection Committee for Prospera, Coast Capital and Sunshine Coast credit unions are
    pleased to share that Gavin Toy has been selected as President & CEO of the future combined federal credit union. This marks a key milestone in bringing together our three credit unions, strengthening our ability to make a positive and lasting difference for our members, employees and the communities we serve. Learn more about Gavin

    As the three credit unions seek the required regulatory approvals to complete the merger, each organization will continue to operate independently for the time being. Gavin Toy, Calvin MacInnis and Shelley McDade will remain as CEOs of Prospera, Coast Capital and Sunshine Coast, respectively. Once the necessary approvals are received, the combined federal credit union is expected to be established in 2026, with Gavin stepping into the role of President & CEO upon appointment by the amalgamated credit union’s Board.

    Stay connected to the most up-to-date information about the merger by watching this page. We’ll update the information here throughout the process, so be sure to check back frequently. Rest assured, members can continue banking as they normally would.

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    About Prospera Credit Union

    Local banking means investing in Local Good. Built on 80 years of service in local communities, Prospera Credit Union is a community-based, purpose-driven organization that offers a full range of financial products and services. Prospera is one of the largest credit unions in British Columbia, with approximately $9.3 billion in assets under administration and 115,000 members. With 24 branches, Prospera is proud to serve communities throughout the Lower Mainland, Fraser Valley and Okanagan. Prospera has consistently been designated a Great Place to Work, including as one of the “Best Workplaces in BC” and “Best Workplaces in Canada.” It’s our purpose to build the financial prosperity of our members, enabling thriving local enterprises, financially empowered people and vibrant, healthy communities.

    About Coast Capital

    At Coast Capital, we’re not dreaming about a better future, we’re building one. We’re a member-owned financial cooperative with a more than 80-year legacy of unlocking financial opportunities that positively impact people and communities. We believe that every Canadian deserves a financial partner who actually cares how things turn out. Driven by our social purpose, we look at everything we do through the lens of how we can help our nearly 600,000 members, our employees, and communities. We’re proud to be a Certified B Corporation™ and part of a global movement building a more inclusive, equitable and regenerative economic system. We’re deeply committed to making our financial cooperative a great place to work as demonstrated by some of our accolades. Coast Capital is a platinum member of Canada’s Best Managed Companies and one of Canada’s Most Admired Corporate Cultures.

    About Sunshine Coast Credit Union

    For more than 80 years, Sunshine Coast Credit Union has enriched lives and community where our members live and work. With approximately $1.2 billion in assets under administration, we are a cooperative financial institution delivering personalized financial wellness to close to 17,000 members through three branches, a digital platform and full-service member service centre. Purpose-driven, investing in one another to build a healthy community is how we began, a legacy that continues today.

  • July 9, 2025 – Prospera Credit Union (“Prospera”), Coast Capital Savings Federal Credit Union (“Coast Capital”) and Sunshine Coast Credit Union (“Sunshine Coast”) are excited to announce that members of all three credit unions have voted in favour of merging to form a combined federal credit union. The historic merger will create Canada’s largest national purpose-driven credit union by bringing together two provincially regulated credit unions and one federally regulated credit union.

    To enable 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. As 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: 75 per cent of votes in favour  
    • Coast Capital: 90 per cent of votes in favour
    • Sunshine Coast: 81 per cent of votes in favour. 

    Together, with more than $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 combined 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 three credit unions will now seek the 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.

    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 trusted and familiar 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.”

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    About Prospera Credit Union

    Local banking means investing in Local Good. Built on 80 years of service in local communities, Prospera Credit Union is a community-based, purpose-driven organization that offers a full range of financial products and services. Prospera is one of the largest credit unions in British Columbia, with approximately $9.3 billion in assets under administration and 115,000 members. With 24 branches, Prospera is proud to serve communities throughout the Lower Mainland, Fraser Valley and Okanagan. Prospera has consistently been designated a Great Place to Work, including as one of the “Best Workplaces in BC” and “Best Workplaces in Canada.” It’s our purpose to build the financial prosperity of our members, enabling thriving local enterprises, financially empowered people and vibrant, healthy communities.

    About Coast Capital

    At Coast Capital, we’re not dreaming about a better future, we’re building one. We’re a member-owned financial cooperative with a more than 80-year legacy of unlocking financial opportunities that positively impact people and communities. We believe that every Canadian deserves a financial partner who actually cares how things turn out. Driven by our social purpose, we look at everything we do through the lens of how we can help our nearly 600,000 members, our employees, and communities. We’re proud to be a Certified B Corporation™ and part of a global movement building a more inclusive, equitable and regenerative economic system. We’re deeply committed to making our financial cooperative a great place to work as demonstrated by some of our accolades. Coast Capital is a platinum member of Canada’s Best Managed Companies and one of Canada’s Most Admired Corporate Cultures.

    About Sunshine Coast Credit Union

    For more than 80 years, Sunshine Coast Credit Union has enriched lives and community where our members live and work. With approximately $1.2 billion in assets under administration, we are a cooperative financial institution delivering personalized financial wellness to close to 17,000 members through three branches, a digital platform and full-service member service centre. Purpose-driven, investing in one another to build a healthy community is how we began, a legacy that continues today.