Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

December 18, 2008 14:05 ET

Lloyd Craig to Retire as Coast Capital CEO After Leading Credit Union's Rise as One of Industry's Innovators

SURREY, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2008) - Lloyd Craig will be retiring next year from his position as Coast Capital Savings' president and CEO, after seven years of leading the transformation of the nation's second largest credit union into one of the most innovative and competitive players in Canada's financial services industry.

Bill Wellburn, chair of the Coast Capital Savings board, said Craig's scheduled retirement in the middle of 2009, will be a significant loss not just for Coast Capital Savings, but for Canada's credit union industry as a whole.

"I think it's no exaggeration to say that Lloyd's vision and leadership have been critical in melding what used to be three regional credit unions into an organization with a cohesive vision and mission and one that has produced some of the most innovative financial products we've seen in Canada in recent years," Wellburn said. "From Canada's first free chequing account offered by a full-service financial institution to haggle-free term deposits to the nation's first flat-fee, unlimited transaction business account, Lloyd has championed innovation at Coast Capital Savings. He has been the leading advocate for a strong, competitive and nationally based credit union system."

Craig expressed pride at Coast Capital Savings' accomplishments and growth since the organization was formed in December 2000 as a result of the merger of Vancouver Island based Pacific Coast Savings and Richmond Savings. Craig, who was then CEO of Surrey Metro Savings, took the helm of Coast Capital in July 2002 following that credit union's merger with Coast Capital.

"It's been such an amazing ride for me and it's really been quite humbling to lead such a talented and committed team of people and an organization as dynamic as Coast Capital Savings," Craig said. "Thanks to the hard work of our employees, we've grown from a financial institution with little brand recognition to a recognized name in the industry and one with a sound financial base. I have no doubts that this legacy will continue under the new CEO."

At the time of Craig's appointment as president and CEO, Coast Capital Savings had 300,000 members, 42 branches and $7.3 billion in assets under administration. Today, the credit union has 380,000 members, 51 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia and $11.9 billion in total assets under administration.

The credit union has also consistently posted strong financial results, including record returns in 2007.

"Coast Capital remains in strong financial shape because the foundations we laid earlier have helped fortify our organization against some of the current economic and market turbulence," Craig added. "We have a senior executive team with great foresight, a passion for innovation and the experience needed to build on these successes. I know they'll continue to work with the new CEO to realize the Coast Capital Savings vision."

The executive search for a new Coast Capital CEO will begin in early 2009.

Backgrounder

Brief highlights of Lloyd Craig's career and bio:

- Received a BA (Business Administration) from Washington State University.

- Has served the financial services industry for more than 37 years.

- Served as president and CEO of Surrey Metro Savings for 17 years.

- In 2003, Craig was recognized as one of B.C.'s six best CEOs by BC Business magazine for his outstanding leadership and guidance in building one of the province's most successful organizations.

- Serves as a board member of Central 1 (appointed in 2005).

- Craig is Chair of the Seeing is Believing Advisory Board. Seeing Is Believing is a national program of the Canadian Business for Social Responsibility focused on encouraging executives to look beyond traditional philanthropy to engage in hands-on community revitalization.

- Craig is Campaign Chair for Depression Research for the VGH and UBC Hospital Foundation and Chairman of the BC Business and Economic Roundtable on Mental Health.

- Named National Champion of Mental Health, Private Sector by the Canadian Alliance on Mental Illness and Mental Health in October 2008.

- Also in 2008, Craig was recognized by the U.S.-based National Alliance for Research in Schizophrenia and Depression (NARSAD) and the Sidney R. Baer, Jr. Foundation for his longstanding commitment and work to combat depression and address mental health issues in the Canadian workplace.

Coast Capital Savings is Canada's second largest credit union with total assets under administration of $11.9 billion, 380,000 members and 51 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 and the first business account in the country to offer unlimited transactions for a flat fee. The credit union was named one of BC's Top 50 Employers in 2009, is one of Canada's 50 Best Managed Companies and the recipient of the Canadian Co-operative Association Innovations in Co-operative Governance Award. Coast Capital Savings has also been designated a Caring Company by Imagine Canada. To learn more, visit www.coastcapitalsavings.com.

Attached: Photo of Coast Capital Savings president and CEO Lloyd Craig - http://media3.marketwire.com/docs/1218ccs.jpg

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