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2024 Annual Report

Highlights

Vision

Purpose

Values

We will be leaders in building relationships that improve financial health, enrich people’s lives and build healthier communities.

Member/Client Experience

We will be the leaders in building strong relationships, by being more helpful and caring, and improving financial health.

Employee Experience

We will be the leaders in creating an environment where we say great things, do great things, and where we want to stay.

Community Experience

We will be the leaders in making a visible and meaningful difference in building healthier communities. Our communities are our home.

Accountability, Cooperation, Excellence, Innovation, Integrity, Responsiveness, Social Responsibility

Vision

We will be leaders in building relationships that improve financial health, enrich people’s lives and build healthier communities.

Purpose

Content

Values

Content

A message from Adrian Legin,
President & CEO

I'm pleased to share that despite an ever-changing economic landscape, Coastal Community achieved solid financial results in 2024. Our financially sound and stable foundation means we’re well-prepared to listen and provide services and advice to meet your financial, investment3 and insurance2 needs to help improve your financial health. From all of us, thank you for the continued privilege of serving you.

A message from Dominique Roelants,
Board Chair

Throughout the year, Coastal Community focused on improving the financial health of Islanders and helping you adjust your financial plans to manage higher costs. Your Board made strategic decisions to maintain service excellence while we prepare for changes coming to the financial services industry, and ultimately to how you do your banking.

Our Member and Client Experience

At Coastal Community, your financial well-being comes first. Last year we continued to anticipate and meet your evolving needs, delivering solutions tailored to your unique goals and preferences. From launching renovations at our 4th Street location in Courtenay to seamlessly integrating digital enhancements, our aim is for you to have a more personalized, efficient, and satisfying financial journey.

Service Enhancements

Some of the enhancements we introduced last year included:

Self-service online application for personal loans of up to $20,000

Kiosks in three locations to provide a personalized digital insurance experience

Convenient electronic delivery of insurance policy documents

Online business membership and account opening

Online wire transfers for businesses

Modernizing our 4th Street location in Courtenay

Supporting your financial health

Here are some of the ways we made a meaningful difference last year:

Continuing to help investors get started with Qtrade Guided Portfolios®3, a low-cost high-efficiency robo-advisor platform

Delivering six educational Coastal Community events and helping our members and clients access four webinars from our partner Aviso Wealth3

Offering our members cash upfront if they take out one of of our customizable mortgages

Introducing a new Small Business Advisor role in the Comox Valley to help our members maximize their businesses’ potential

COASTAL COMMUNITY SCHOLARSHIP SPOTLIGHT

Every drop counts: Rylan’s campaign

Knowing how much donating blood meant to my Grandpa, I think it's only right to honor him with a campaign to spread awareness on something he strongly believes in. And what better way to get over my fear of needles than for this great reason and cause.

Rylan Prescesky,
Coastal Community scholarship winner

Your insights are important to us

We always appreciate your feedback. It helps us understand what matters to you, so we can take action based on your insights. For decades, we’ve been conducting research surveys to gather measurable and objective feedback from our members and clients. Since 2018, we’ve partnered with Sentis Market Research to evaluate our member and client experience across our business lines. Our performance is compared to Sentis’ 2024 Credit Union Norms and 2024 Benchmarks, where available, and our own past metrics. Here’s what our Sentis surveys revealed last year:

2024 Credit Union Retail Year End Report on Member quarterly surveys

Member loyalty has improved directionally
CCCU continues to meet members’ needs effectively
Member ratings of our digital channels have improved for the second consecutive year
Our branches, already a strong channel, saw improved ratings in several areas

We also learned that 78% of our respondents feel we are doing an outstanding or very good job of being a socially and environmentally responsible organization, which well surpasses the industry benchmark of 50%*. However, with one-third of respondents unable to offer a rating, we will look to do a better job of communicating what we’re doing on this front.

*Based on an annual market survey conducted with retail customers of all types of financial institutions in BC (2024 sample size=880).

2024 Insurance Year End Report on Client quarterly surveys

Client loyalty remains stable
The ratings for client experiences with us continue to strengthen
Client ratings on business fundamentals, such as looking out for clients’ best interests, are stable relative to the previous year’s strong results

We also learned that clients would continue to benefit from information about the process for making an insurance claim, so we'll continue our work to provide a thorough explanation, helping clients understand what to expect at each stage.

2024 Wealth Year End Report on Client quarterly surveys

Ratings on feeling good about investing with us strengthened last year.
We also saw continued excellence in demonstrating strong investing expertise and competence.
Some of the top phrases used to describe our wealth team are “knowledgeable,” “competent” and “professional.”

We also learned that respondents continue to be most interested in learning more about living in retirement. We will continue to provide more financial education through multiple channels, including our MyFinHealth online platform, webinars, articles, tips and information on our website, through emails and through our advisors.

Below are some of the positive highlights we received from Coastal Community’s 2024 Member and Client Experience surveys. We appreciate all of the feedback you give us, and we’re committed to making things even better.

Coastal Community Member Survey

Overall experiences:

94%

of respondents who visited a branch rated their overall experience as Excellent, Very Good, or Good

92%

of respondents who phoned the Relationship Centre rated their overall experience as Excellent, Very Good, or Good

94%

of respondents gave Excellent, Very Good, or Good ratings for our online banking platform

92%

of respondents gave Excellent, Very Good, or Good ratings for our mobile banking app

92%

of respondents rated us as Excellent, Very Good, or Good in terms of treating members fairly

Coastal Community Insurance Services Client Survey

90%

of respondents thought the value of their policies for the premiums they paid was Excellent, Very Good, or Good

97%

of respondents indicated their overall experience when buying insurance was Excellent, Very Good, or Good

Coastal Community Private Wealth Client Survey

92%

of respondents felt they receive the
right amount of support from their Private Wealth Advisor

98%

of respondents indicated their Private Wealth Advisor demonstrates strong investing expertise and competence

I love this whole organization, from the top down. Every person I come in to contact with at CCCU is a stellar human being, and I love banking with them.

Quote taken verbatim from Coastal Community’s 2024 Member and Client Experience survey

Employee Experience

In a fast-changing world, we help our team shine through an award-winning culture that deepens skillsets, develops leadership, and supports employee well-being.

Learning in Action

Combined total of 6,958 annual mandatory courses on topics like anti-money laundering, cyber security, and privacy completed by employees.
87 managers honed their leadership skills in 4 sessions of our HR Speakers series.
83 employees completed Coastal Connections programs, our company’s relationship building, advice-based service training.
37 employees attended the Coastal Young Leaders Network Conference.
21 managers participated in our Management Training Program in collaboration with VIU.
19 employees participated in the 14th cohort of Leading Edge, our leadership development program offered to all employees. 223 employees have completed this program to date.
10 Account Representatives completed our 15-day Lending Excellence program.

Sharing Our Knowledge

Our experts are passionate about growing the financial knowledge of our members and clients, and the general public. Last year we:

delivered six educational Coastal Community events and helped our members and clients access four webinars from our partner Aviso Wealth3
wrote 12 guest columns in the Business Examiner to help entrepreneurs grow their business;
hosted our 10th annual Coastal Young Leaders Network conference, focused on “Resilience Through Change”—CYLN also hosted career fairs, shared insights on financial industry trends and promoted learning through a Read-to-Lead book club.

Ask, Listen and Learn

We were thrilled to be certified as a Great Place to Work® (GPTW) for the sixth consecutive year in the independently conducted GPTW survey. Building on this recognition, we’ll use the survey insights to continue to improve our workplace culture. We also earned a spot on GPTW’s 2024 list of Best Workplaces in BC, and we were named as one of Canada’s Best Employers by Forbes Canada.
In 2024 we hosted Kenyan credit union leader Winnie Sergon for 10 days as part of the Women’s Mentorship Program. This program fosters mutual learning between Canadian credit unions and female managers of overseas financial cooperatives.

Engage, Empower and Elevate

To ensure a high trust working environment, we ensured our employees and their families have access to the extensive resources of our Employee & Family Assistance Program and championed volunteer employee-led Coastal Community groups like the Truth and Reconciliation Committee and the Culture Committee.
In 2024, 85 new employees attended Coastal Compass Capstone, our lively and informative one-day onboarding event.

Spotlight

Working with the Nanaimo Association for Community Living (NACL)

I think Coastal Community is a supportive organization and I feel supported by my coworkers and Jane. It's a nice place to be independent and to ask for help when I need it. I love my job!

Crystal,
who joined our Admin team through NACL

Community Highlights

$500,000+ given to hundreds of community organizations, including:

Community funding programs

$143,767

awarded in total through our Building Healthier Communities Fund and Community Investment program

Sponsorships

$102,250

given in sponsorships

Fundraising

Over $73,000

raised through employee and corporate fundraising events

Scholarships and bursaries

$45,000

awarded in educational scholarships and bursaries

Youth programs

$37,775

given to youth programs

Sunset Cinema series

Over $7,750

raised through our Sunset Cinema series

Coastal Community Credit Union has been an incredible partner in helping PowerPlay Young Entrepreneurs support thousands of youth and families across Vancouver Island. Through our combined efforts, we’re equipping young people to think creatively, communicate clearly, set goals, and tackle problems with confidence and adaptability.

Bill Roche, Creator of PowerPlay Young Entrepreneurs

SOCIAL PURPOSE AND ESG (ENVIRONMENTAL, SOCIAL AND GOVERNANCE) HIGHLIGHTS

Taking action through Social Purpose and Environmental, Social and Governance Principles

As our members’ expectations and societal needs evolve, we will continue to work on a dynamic roadmap to enhance business practices, uphold ethical standards, and build a better future for everyone.

Adrian Legin, President & CEO

Social Purpose

At Coastal Community, we are inspired to build social purpose into everything we do.

While we have always supported our island communities, we see the opportunity to further deepen our impact by embracing a broader social purpose. While community support focuses on initiatives like local sponsorships, donations, and volunteerism, social purpose represents a more strategic, long-term commitment to driving meaningful change.

While our commitment to community support, engagement and impact remained steadfast throughout 2024, important work also took place behind the scenes. In 2024, the Board of Directors conducted a thorough review, engaged in meaningful dialogue, and provided strategic direction on comprehensive work completed by management on a recommended Social Purpose and ESG Strategy.

Looking forward to 2025, our teams are excited to accelerate our efforts, continuing to embed social purpose into everything we do, in a more deliberate, objective-driven and measurable manner.

ESG

Our Social Purpose strategy includes and is reinforced by our commitments to ESG principles.

While Coastal Community has always operated based on a commitment to ESG principles, we plan to be more intentional and transparent in our approach. By putting greater focus on ESG, we will be further strengthening our commitment to sustainability, member and community well-being, and ethical governance. This means setting clear goals, measuring our impact, and integrating ESG into our decision-making processes. As we move forward, we will continue to build on our long-standing values while taking a more structured and strategic approach to creating positive change.

Clear ESG goals will drive us towards more meaningful and measurable impact—reducing our environmental footprint, strengthening support for member, community and employee initiatives, and upholding strong governance practices.

As we continue to develop and implement our Social Purpose and ESG strategies, we are committed to transparency and will share our progress along the way. We will continue to support our community while embedding social purpose into everything we do, ensuring lasting positive change for our members and beyond. Together, we are building a more sustainable and inclusive future for us all.

Here are some highlights of the ways we made an impact in Environmental, Social, and Governance areas last year. 

Environmental highlight

We continued to find ways to reduce our own and others’ greenhouse gas emissions by:

Establishing baselines for CO2 emissions and for financed emissions, which help us plan for and mitigate potential risk;
Using sustainable construction practices for our 4th Street Courtenay location renovation, such as building with wood and using Low-VOC paint; and
Holding virtual meetings to reduce travel, and wherever possible, partnering with companies that share our values.

Social highlight

We continued our commitment to social responsibility by:

Celebrating unity by participating in the Pride Parade last year, fostering a genuine sense of belonging for everyone at Coastal Community;
Supporting the Women’s Mentorship Program by hosting Kenyan credit union leader Winnie Sergon; and
Strengthening Island economies through support for small businesses, and ongoing community engagement including sponsorships, donations, scholarships, fundraising efforts and employee volunteerism.

Governance highlight

We showed our commitment to fair practices and future proofing our Credit Union by:

Informing our members of the opportunity to explore a potential merger with BlueShore Financial, and following up by letting members know that after a thorough assessment, the board decided the proposed merger wasn’t the best fit for our members, communities, and employees;
Informing members that we will use insights and learnings from this work to assess future potential partners to help ensure they will bring lasting value to our members, communities and employees; and
Presenting to members a vote on a special resolution to amend our Rule on board terms limits, which was approved–with the amendment in place, there is better balance between ensuring that board renewal continues, and at the same time, that the Board has all the necessary skills to ensure proper governance oversight to fulfill its role.

ESG survey question highlight

In our quarterly member surveys, we ask respondents a question to better understand their perspective on Coastal Community’s performance as a socially and environmentally responsible organization. Results:

78%* of our respondents rated us as outstanding or very good in social and environmental responsibility, compared to the industry benchmark of 50%.
This result has increased progressively from 71% when we first asked the question in 2022 to the current 78%.

*Based on an annual market survey conducted with retail customers of all types of financial institutions in BC (2024 sample size=880).  

Spotlight on the continuing impact of our Sharing Our Success special one-time funding program, based on our 2022 success

We directed the funds from Coastal Community to a parent support group, and that specifically provides resources and reduces barriers for children and families so they can attend programming at the Centre.

Cheryl Booth, Executive Director,
Nanaimo Child Development Centre

Corporate Performance

Your Coastal Community remains a strong, growing and socially responsible organization.

2024 Financial Highlights

Assets Managed through Coastal Community Private Wealth Group

Assets Managed through Aviso Wealth

On-book Credit Union Assets

0.29% Return

On Average Assets

$257.1 Million

in Members’ Equity

In a year marked by mixed economic news and geo-political tensions, we’re pleased to share Coastal Community had solid financial results in 2024. Our strong capital shows we’re financially sound, stable, and ready to handle any future challenges. With this robust foundation, you can continue to count on us for personalized services and expert advice that truly make a difference in your financial life. Whether you’re feeling the pinch of a tough housing market or want to expand your business, we’ll be there to find the right solutions for your unique situation.  

Coastal Community Credit Union acknowledges that we are located on the Lands of the Coast Salish, Nuu-chah-nulth and Kwakwaka’wakw ancestors and families, whose historical relationships with the Land continue to this day. We are grateful to have the opportunity to live, learn, work and play in their traditional and unceded territories.

References to “Coastal Community” in this Annual Report mean “Coastal Community Credit Union.”
References to insurance in this Annual Report refer to the property and casualty insurance services provided through Coastal Community Insurance Services (2007) Ltd. (CCIS). CCIS is a subsidiary of 1200089 B.C. Ltd., a company jointly owned by Coastal Community Credit Union and Beem Credit Union, which in turn fully owns Coastal Community Insurance Services (2007) Ltd. and Interior Savings Insurance Services.
Mutual funds and other securities are offered through Aviso Wealth. Online brokerage services are offered through Qtrade Direct Investing. Aviso Wealth, Qtrade Direct Investing, and Qtrade Guided Portfolios are divisions of Aviso Financial Inc.
Coastal Community Private Wealth Group is a division of Coastal Community Financial Management Inc., which is a subsidiary of Coastal Community Credit Union. Coastal Community Financial Management Inc. is a licensed life insurance agency offering financial planning, life insurance and investments. All insurance products are subject to the limitations, terms and conditions in the applicable policy or insurance contract in force at the time of purchase or enrolment and applicable legislation. The products sold through Coastal Community Financial Management Inc. are not guaranteed or insured by a deposit insurer.