Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

February 17, 2010 12:50 ET

Coast Capital Platinum Award Marks 10 Years as One of Canada's 50 Best Managed Companies

SURREY, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2010) - Coast Capital Savings is marking a milestone with its second platinum designation and the 10th year the B.C.-based credit union has been recognized as one of Canada's 50 Best Managed Companies.

The Canada's 50 Best Managed Companies honour roll is compiled each year by Deloitte and is the country's leading business awards program, recognizing excellence in Canadian owned and -managed companies with revenues over $10 million. Companies that make the list six times in a row qualify to apply for platinum status.

"You could say this is the Olympics for recognizing Canadian business management, so making the list for 10 years, including two platinum designations in the last couple of years, highlights Coast Capital's rise as one of Canada's corporate leaders," said Tracy Redies, the credit union's president and CEO. "Looking forward to the next 10 years, we're committed to maintaining this high bar and realizing exciting new areas of growth, as we continue to focus on changing the way Canadians feel about banking."

Coast Capital's latest 50 Best Managed Companies platinum award salutes a year in which the credit union launched various programs and initiatives and recorded successes in a wide range of areas. Redies said Coast Capital also strengthened its focus on balancing growth with prudent risk management by hiring a chief risk officer to the executive team. She also noted that the credit union's membership grew by about 6 per cent in 2009, one of the fastest in the industry, notwithstanding the challenging economic environment. Coast Capital's High-interest, No-fee Savings Account, introduced at the beginning of the year, was a big draw for customers, in addition to its flagship free chequing product.

Coast Capital also ventured into the investment product market for the first time in 2009, partnering with SEI, one of the world's largest and most respected money managers, to launch The Low-Fee More-for-me Mutual Funds in March 2009. It also launched mobile phone banking text alerts, making it one of the first financial institutions in Canada to offer this service.

"A successful, well managed company is also a socially responsible one that gives back to the community," Redies said. "Coast Capital continues to go above and beyond the requirements of the Imagine Canada Caring Company program by donating seven per cent of pre-tax profits to the community in 2009."

Coast Capital Savings is Canada's second largest credit union with total assets under administration of $12.3 billion, more than 400,000 members and 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia. Product innovations from Coast Capital Savings include Canada's first free chequing account from a full-service financial institution; the country's first flat-fee, unlimited transaction business account; and a high-interest, no-fee savings account. The credit union was named one of Canada's 50 Best Employers for 2010, is one of Canada's 50 Best Managed Companies and has been designated a Caring Company by Imagine Canada. To learn more, visit www.coastcapitalsavings.com.

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