Coastal Community Credit Union is expanding into the Capital Region.
The Nanaimo-based credit union will open branches in downtown Victoria and Langford later this year. Coastal Community Credit Union is the largest Island-based financial group.
Plans are underway to open Coastal Community’s newest location in Goldstream Village in May. A renovation of its Fort Street insurance office begins next month with a full credit union opening this fall.
The expansion of services will see 10 jobs created, but more are expected as the credit union grows in the region.
“Our expansion plans will be welcoming news to the many Island residents who continually ask us when we’re going to offer more of our services in the Capital Region,” said Adrian Legin, Coastal Community’s president and CEO.
Coastal Community entered the Victoria market more than 10 years ago when it opened an insurance office here. Five years ago it looked at plans to merge with Island Savings Credit Union, but those talks broke off when the economy slumped.
The credit union already serves a large number of personal and commercial banking customers in the region and also has a well-established insurance client base through its Fort Street insurance office.
It was just a matter of timing before Coastal Community made its move into the South Island.
Greater Victoria Chamber of Commerce chief executive officer Bruce Carter said Coastal Community’s foray into the local market is positive news.
“They took a while, but they wanted to find the right place. It was a thoughtful move into the region,” he said.
Two years ago, Coastal Community opened a branch in Duncan and completed a major renovation to its downtown Nanaimo branch. This allowed it to bring in innovated services demanded by consumers.
“We were in a position where we tested different things and we’re really confident that we know what consumers value,” said Joe Cristiano, chief community and marketing officer for Coastal Community.
“This is an area we want to be in. This is where we can offer consumers unique options. We think that’s very positive.”