B.C. credit unions with branches in Chilliwack and Abbotsford merge into a single federal entity

SURREY – Three credit unions in B.C., two of which have branches in Sardis (Chilliwack) and Abbotsford, announced last week they have finalized their combined merger into a single federal entity.

According to a news release dated May 6, Prospera, Coast Capital and Sunshine Coast credit unions say their merger is now effective, marking what they call a “defining moment” for cooperative banking in Canada.

The credit union says the 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,” a statement said.

Prospera Credit Union and Coast Capital each have a single branch in Chilliwack.

The merger comes after the successful completion of all regulatory approvals and strong member support across all three credit unions. The combined single credit union features more than $40 billion in assets under administration, 2,500 employees, 730,000 members and 70 branches.

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.”