Coastal Community Credit Unit is reporting unprecedented growth through 2016. (News Bulletin file)

Coastal Community Credit Unit is reporting unprecedented growth through 2016. (News Bulletin file)

Coastal Community Credit Union expands into south Island

Annual report touts financial milestones and plans to expand into south Island

Coastal Community Credit Union has announced key financial milestones and expanding operations into the south Island’s Capital Regional District in its 2016 annual report.

In a press release issued Friday, the credit union said it exceeded corporate goals and produced strong returns in 2016 in spite of low interest rates and modest economic growth on Vancouver Island and Gulf Islands. It has accumulated $2 billion in assets and continues to show significant year over year growth.

In 2016, the credit union saw it highest annual growth for lending and deposits in it 70-year history. Lending increased by $207 million, which exceeded 2015’s growth by $130 million. Deposits increased by $159 million.

“Our financial achievements in 2016 have strengthened the strong foundation of this organization and have set up CCCU for long-term success,” Adrian Legin, Coastal Community Credit Union, president and CEO, said in the press release. “We remain focused on the future of Coastal Community and look forward to seeing the greater effects our success will have throughout Vancouver Island and the Gulf Island communities.”

The credit union’s financial asset base has allowed it to continue growing on the Island, which include an expansion of services and a new location in the Capital Region District.

For more information about the credit union’s key financial highlights from 2016, visit www.cccu.ca or visit a Coastal Community Credit Union branch for a copy of its 2016 Annual Report.