How secure is Coast Capital Savings?
Extremely secure, Coast Capital Savings is on solid financial footing. We are one of the most successful credit unions in Canada, having had the most profitable year in our history in 2007. Our financial results for 2008 are tracking to last year’s results despite the challenging economic environment. We can attribute our performance to several factors: • We have the second largest membership-base in the Canadian credit union industry (380,000) and it continues to grow at a steady rate of 6.5% a year. • Our balance sheet is strong. We have limited debt and a healthy capital and liquidity position which provides us with the financial flexibility to withstand market turbulence. • 90% of our funding to lend out comes from retail deposits made by our membership, rather than funding sourced in the capital markets. • Our delinquency and non-performing retail loans are consistent with our credit union peers. In fact, we are substantially below the provisions we have set aside for any credit l
