Canada’s largest credit union is coming to Kelowna.
Coast Capital Savings, which has 532,000 members at its 50 branches in the Vancouver area and on Vancouver Island, is opening its first Interior branch in Kelowna Nov. 1.
“We love the Okanagan and saw great opportunity in bringing our signature Coast Capital brand to Kelowna,” said the credit union’s communications and media relations manager Erin McKinley.
“Being one of the top 10 fastest-growing communities in Canada with a robust and diverse economy, moving into Kelowna was a pretty easy decision.”
Coast Capital is taking space in the new Gateway Plaza on the northeast corner of Highway 97 and Burtch Road.
It’s a highly-visible location on the highway and has access from both 97 and Burtch.
The plaza is expected to be busy with several draws, including Floors Now, which is already open, and restaurant Browns Socialhouse, Iris Optometrists & Opticians and Modern Beauty Supplies, which are all slated to open in December.
While a bricks-and-mortar location in Kelowna will be new for Coast Capital, the credit union already has a strong base of members in the Okanagan.
Coast Capital’s commercial real estate lending division has been active in the Valley for years.
Kelowna has lots of banks and credit unions, but Coast Capital’s research indicates the Okanagan isn’t saturated yet in terms of financial institutions.
“There is room for us to become part of the community and help Kelowna residents achieve financial well-being,” said McKinley.
One of Coast Capital’s claim to fame is offering Canada’s first free chequing account from a full-service financial institution.
Coast Capital has already hired a team of 11 staff and is training them for the Nov. 1 opening.
Coast Capital is also trying to become a federal credit union so it can expand in both B.C. and other provinces.
Gateway Plaza is the latest property in the Jabs Group’s portfolio of commercial and residential holdings throughout Kelowna. Jabs built the plaza, is the owner and will also be the landlord.