Prospera Credit Union

Last updated

Prospera Credit Union
Company type Credit union
Industry Financial services
Predecessors
  • Edelweiss Credit Union
  • Fraser Valley Credit Union
Founded2002 (2002)
Headquarters
Surrey, British Columbia
,
Canada [lower-alpha 1]
Number of locations
24 (2024)
Area served
 Lower Mainland, Fraser Valley, and Okanagan, British Columbia, Canada
Key people
  • Gavin Toy (president and CEO) [2]
  • Gina Arsens (chair) [2]
Total assets C$7.53 billion (2023)
Members115,634 (2023)
Website prospera.ca OOjs UI icon edit-ltr-progressive.svg

Prospera Credit Union is a Canadian, community-based, purpose-driven credit union in British Columbia. It was formed in 2002 as a merger of Edelweiss Credit Union, an originally German-Canadian credit union founded in 1943, and Fraser Valley Credit Union, founded in 1949. [3] It merged with Westminster Savings Credit Union in 2020. [4] As of 2023, the credit union had 115,634 members and C$7.53 billion in assets. [5] Prospera is one of the largest credit unions in British Columbia and is headquartered in Surrey, British Columbia. It currently has 24 branches across the Lower Mainland, the Fraser Valley, and the Okanagan. [5] [6]

Contents

Services

Prospera offers a comprehensive suite of financial services, including savings and chequing accounts, loans, mortgages, investment products and insurance. The credit union is known for its member-centric approach, striving to meet the diverse financial needs of its members while maintaining a focus on doing local good in the communities it serves.  

History

The original Prospera Credit Union traces its roots back to 1943, when it was originally founded as Edelweiss Credit Union. [3] Over the years, it underwent several mergers and expansions, ultimately being renamed to Prospera in 2002, after a merger with Fraser Valley Credit Union. This name was chosen to reflect its commitment to fostering financial prosperity for its members.  

Established more than 70 years ago, before merging with Prospera in 2019, [4] Westminster Savings Credit Union (WSCU) provided a full range of retail, commercial and wealth management solutions to its members across metropolitan Vancouver, including online and mobile banking services, access to global ATM networks and extended banking service through the contact centre.  

Community involvement

Committed to supporting the communities it serves, Prospera participates in various community initiatives and charitable activities through annual giving, as well as through meaningful community partners with the Prospera Foundation. [7] This includes sponsorships, financial literacy programs and partnerships with local organizations to enhance the overall well-being of communities.

In 2023, Prospera Credit Union committed more than $1 million [8] to charitable organizations and community partners across British Columbia.

This includes more than $480,000 [8] in grants from the Prospera Foundation to eight local charities, including Special Olympics BC, the HeadHeartHand Foundation and Mamas for Mamas, Kelowna.

Another $500,000 [8] was distributed through corporate donations and sponsorships, supporting worthy causes and charitable organizations such as Big Sisters of BC Lower Mainland, Archway Community Services and Accelerate Okanagan.

Prospera's strong focus on Local Good includes

Membership

Prospera operates on a cooperative model, with its members being its owners. This structure ensures that decisions are made with the best interests of the members in mind. Membership is open to individuals, businesses and organizations in the region, fostering a sense of community ownership and shared prosperity.

Branches and ATMs

Prospera has a network of 24 branches [13] located in the Lower Mainland, Fraser Valley and Okanagan regions of British Columbia. Additionally, the credit union maintains a network of ATMs to further facilitate easy and accessible banking for its members along with providing access to over 4000 ding free EXCHANGE Network ATMs across Canada.

Notable achievements

Over the years, Prospera has achieved recognition for its commitment to excellence in financial services and community engagement. This includes making the Great Place to Work List [14] [15]   and voted one of the Best Workplaces in Canada in 2023. [14]  

Notes

  1. ↑ The credit union was previously based in Abbotsford, British Columbia. [1]

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References

  1. ↑ Patrick Penner (23 May 2020). "Prospera Credit Union, Westminster Savings Lay Off Over 100 Staff Following Historic Merge". The Abbotsford News. Black Press Media. Archived from the original on 23 April 2024.
  2. 1 2 "Our Leadership Team". Prospera Credit Union. Archived from the original on 30 March 2024.
  3. 1 2 "The Edelweiss Credit Union". Goethe Institute. Archived from the original on 7 December 2023.
  4. 1 2 "Members approve merger of British Columbia's Prospera CU, Westminster Savings CU". S&P Global.
  5. 1 2 "The Largest 100 Credit Unions" (PDF). Canadian Credit Union Association. March 2024. p. 3. Archived (PDF) from the original on 23 April 2024.
  6. ↑ "2023 Prospera Credit Union Annual General Meeting" (PDF). Prospera Credit Union. 2023. Archived (PDF) from the original on 30 January 2024.
  7. 1 2 "Prospera Foundation | Prospera Credit Union". www.prospera.ca. Retrieved 14 June 2024.
  8. 1 2 3 4 5 "2023 Prospera Foundation Report" (PDF). prospera.ca.
  9. ↑ "About Do Some Good". Do Some Good. Retrieved 14 June 2024.
  10. ↑ "BC Lions Orange Shirt Day Game 2023 | Prospera Credit Union". www.prospera.ca. Retrieved 14 June 2024.
  11. ↑ "Prospera Surrey Pride - Press Releases | Prospera Credit Union". www.prospera.ca. Retrieved 14 June 2024.
  12. ↑ "Prospera Credit Union on LinkedIn: 🎉 Vaisakhi celebrations are underway! Find us at the Aggarwal Grocery Hub…". www.linkedin.com. Retrieved 14 June 2024.
  13. ↑ "Find a branch or ATM | Prospera Credit Union". www.prospera.ca. Retrieved 14 June 2024.
  14. 1 2 "Best Workplaces in Canada - Press Releases | Prospera Credit Union". www.prospera.ca. Retrieved 14 June 2024.
  15. ↑ O'Donnell, Lauren. "Best Workplaces in British Columbia 2022". Great Place to Work. Retrieved 14 June 2024.


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