Coastal Community Credit Union (CCCU) had another year of record-breaking growth in 2017, ending the year ahead of plans in a number of key financials.
CCCU reported $2.4 billion in Credit Union on-book assets at the end of last year, according to a CCCU press release. The credit union also surpassed a new milestone of $3 billion in total assets under management.
CCCU provides personal, business and commercial banking services, complemented by its wholly-owned subsidiaries Coastal Community Insurance Services (2007) Ltd. (CCIS), which offers personal and commercial insurance solutions, and Coastal Community Financial Management Inc., which provides wealth management services through its Coastal Community Private Wealth Group division (CCPWG).
Serving over 100,000 Islanders through its family of companies, Coastal Community is the largest financial services organization based on Vancouver Island and the Gulf Islands, and has enjoyed significant growth over the past several years. Building on 2016’s strong financial performance in lending and deposits, both portfolios again surpassed corporate goals last year. Lending increased by a record $231 million (12. per cent), while member deposits grew by a healthy $150 million (7.6 per cent). CCCU’s Average Return on Assets, which is a common marker of financial performance in the credit union industry, was the highest in seven years.
“We’re very proud of our achievements,” said Adrian Legin, President and CEO of Coastal Community Credit Union. “These excellent results in a very competitive and dynamic environment are a testament to our commitment to build deep relationships with our members and clients, and the trust they have in our employees. When people share their stories, challenges and dreams with us, we listen, so we can provide expert guidance and advice for each individual situation.”
According to Legin, CCCU’s commitment to providing an excellent customer service experience means continuing to evolve to meet the needs of their members and clients. As a result of the growing online use which continues to transform how people access and spend their money, last year the organization added Interac Online to their digital platform to give members with debit accounts an easy and secure way to pay for online purchases. CCIS was equally focused on providing excellent comprehensive solutions for Islanders and concentrated on deepening relationships which was received with a strong vote of confidence from clients. CCPWG collaborated with Interior Savings and First Ontario Credit Union to launch everythingretirement.com. Retirees and pre-retirees will find blog posts, website content, Twitter posts and Facebook pages on the site to help them navigate this exciting phase of life.
In 2018, CCCU kicked off the year by launching a new and expanded Mastercard suite of products through a new credit card partner, Collabria Financial. In addition to offering a broader array of product choices and features, the move allows CCCU to provide members with a faster and smoother experience from the initial application to managing their credit card accounts. In early January, the Credit Union was also proud to open its third branch in the Capital Regional District. The new Eagle Creek Village full service location includes the latest in banking conveniences and innovative solutions from the insurance, banking and wealth management divisions.
“We want to offer our members and clients the right advice, services and products across all our business lines, where, when and how it best suits them,” said Legin. “By taking the time to understand what matters to Islanders, we will continue to have the privilege of helping to improve their financial health for years to come.”
For more information about Coastal Community Credit Union’s key highlights from 2017, visit www.cccu.ca or visit your nearest location for a copy of the 2017 Annual Report.