SOURCE: Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

March 25, 2014 13:38 ET

Coast Capital Receives National Mark of Excellence as a Best Managed Company for 14th Year

SURREY, BC--(Marketwired - March 25, 2014) - Coast Capital Savings has been recognized as one of Canada's Best Managed Companies, marking the 14th year it has won the nation's top-tier business leadership honour and the sixth consecutive year it's been included in the elite Platinum Club.

Sponsored by Deloitte, CIBC, National Post, Queen's School of Business and MacKay CEO Forums, the Best Managed Companies award is the country's highest and most recognized distinction available to Canadian private enterprises with revenues over $10 million. Companies that make the award list six times in a row qualify for platinum status, a prestigious club in which the B.C. credit union is thrilled to be included.

"Being recognized as one of Canada's Best Managed companies for 14 years, including six platinum designations, speaks to Coast Capital Savings' ongoing commitment to progressive business practices and management excellence," said Tracy Redies, president and CEO of Coast Capital Savings.

"This award is a testament to each and every member of our staff. Their commitment to excellence, and dedication to our members and the communities we serve, is also one of the main reasons that we continue to be recognized as a member of this elite group of Canadian businesses."

"Today's marketplace is not just about the investment in the product; it is also about the investment in the people. Coast Capital invests in their team to build up a strong and stable company. Canada's Best Managed Companies carries this attribute and we are pleased to say Coast Capital is one of this year's recipients." John Hughes, National Leader of Canada's Best Managed Companies and Managing Partner, Growth Enterprises, Deloitte.

Redies said one of the pillars of Coast Capital's management approach is the involvement of staff across the organization in the development and implementation of innovation.

"Coast Capital's recognition as one of Canada's Best Managed companies affirms our forward direction," she said. "We are always looking to pursue innovation in all areas as we continue to deliver financial products and services that set us apart in the industry, and help to change the way Canadians feel about banking, forever."

Initiatives and accomplishments that secured Coast Capital Savings' spot in the Platinum rankings for 2013 included the credit union's:

  • Implementation of its new banking system to ensure they continue to offer their members innovative products and services that meet their financial needs.
  • Community promise to help build a richer future for youth in their communities and contribution of more than $4.8 million to the communities where they work and live. Highlights from 2013 include:
    • Being named by United Way as one of its Top Contributors for its Work Place Campaign
    • A $1 million contribution to the UBC Sauder School of Business Coast Capital Savings Innovation Hub to support early stage social ventures and foster learnings under this progressive new form of entrepreneurship.
    • $432,000 was gifted to the Speak Up Program in 2014. This program encourages and supports young people to speak up about mental health in a way the promotes resiliency, acceptance, and understanding in our communities.
    • The credit union's Education Awards program provided $144,000 to help post-secondary students who have demonstrated an exceptional commitment to their communities or have succeeded despite facing adversity.
  • Designation as one of BC's Top Employers for 2014.
  • Strategic agreement with Canada's largest financial cooperative, the Desjardins Group, to create new products, services and distribution channels for our respective members.

About Coast Capital Savings
Coast Capital Savings is Canada's second largest credit union, owned by its 512,000 members. It has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia and has exciting plans to grow. Product innovations include Canada's first free chequing account from a full-service financial institution. Coast Capital offers one of Canada's 10 Most Admired Corporate Cultures™ and was named one of 2014's BC Top Employers. It is a member of Canada's Best Managed Companies Platinum Club and an Imagine Canada Caring Company. To learn more, visit www.coastcapitalsavings.com.

About Canada's Best Managed Companies
Canada's Best Managed Companies continues to be the mark of excellence for Canadian-owned and managed companies with revenues over $10 million. Every year since the launch of the program in 1993, hundreds of entrepreneurial companies have competed for this designation in a rigorous and independent process that evaluates their management skills and practices. The awards are granted on four levels: 1) Best Managed winner (one of the new winners selected each year); 2) Requalified member (repeat winners retain the Best Managed designation for two additional years, subject to annual operational and financial review); 3) Gold Standard winner (After three consecutive years of maintaining their Best Managed status, these winners have demonstrated their commitment to the program and successfully reapplied for the designation. Companies may requalify for two additional years, subject to annual operational and financial review; 4) Platinum Club member (winners that maintain Best Managed status for a minimum of six consecutive years). Program sponsors are Deloitte, CIBC, National Post, Queen's School of Business and MacKay CEO Forums. For further information, visit www.bestmanagedcompanies.ca.

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