Coast Capital Savings board names Bob Armstrong as new Chair
Past chair Bill Cooke continues as a board director until AGM
SURREY, British Columbia, Jan. 08, 2019 (GLOBE NEWSWIRE) — The board of directors of Coast Capital Savings is pleased to announce the appointment of Bob Armstrong as its new chair, effective immediately. Armstrong replaces Bill Cooke, who is retiring after a remarkable four years as chair. Cooke will remain on the board of directors until his current term ends at the next annual general meeting on May 16.
The appointment follows the board’s established succession plan.
“Bill Cooke has been an exemplary member of Coast Capital’s board, and led the credit union through its successful transition from a provincially to a federally-regulated credit union,” said Armstrong. “He brought a level of professionalism and governance experience to the role and was an outstanding board chair. We are truly grateful for his leadership.”
Cooke was first elected as a director of Coast Capital in 2007 and became board chair in 2014. During Cooke’s tenure as chair, the Coast Capital team had a number of notable achievements, including:
- Strong growth in total members, from 512,000 to 571,000, and in total assets-under-administration, from $14.8 billion to almost $24 billion;
- Integration of the Travelers Financial Corporation to form a new auto and equipment finance division;
- Launch of new branches in Kelowna (2015) and in Courtenay (2016);
- Opening of a brand new state-of-the-art Help Headquarters in Surrey’s city centre;
- A successful membership vote in favour of becoming a federal credit union, supported by 79.2% of members who voted; and
- Approval by Minister of Finance Bill Morneau to become a federal credit union last month.
Armstrong is uniquely qualified to become chair. A respected business executive and Chartered Professional Accountant by training, Armstrong has held senior financial roles in a variety of organizations, including most recently at Ritchie Bros. Auctioneers where he served as Chief Financial Officer, Chief Operating Officer and Chief Strategic Development Officer. He has been a Coast Capital board director since 2016 and chair of the Audit and Finance Committee since 2017. He also serves on the board of directors of Rocky Mountaineer and has volunteered on the boards of a number of different community and not-for-profit organizations, including currently serving as chair of the Chris Spencer Foundation and as partner with Social Venture Partners.
“It is a tremendous honour to serve as board chair on behalf of Coast Capital’s employees, members and the communities where we operate,” said Armstrong. “This is an exciting time for our organization, and I look forward to serving and supporting our outstanding staff and members.”
About Coast Capital Savings
Coast Capital Savings is Canada’s largest credit union by membership and B.C.’s first credit union to be granted federal credit union status. An Imagine Canada Caring Company and a certified B Corporation in recognition of its social performance, the credit union invested $5.6 million into local communities in 2017, focusing on empowering and engaging youth. Coast Capital is one of Canada’s Most Admired Corporate Cultures™, and is a winner of the Canada’s Best Managed Companies Platinum Club designation. In 2018, Coast Capital was awarded the Corporate Responsibility Award at National Philanthropy Day by the Association of Fundraising Professionals, Vancouver Island Chapter. It has 52 branches serving its 555,000 members in the Metro Vancouver, Fraser Valley, Vancouver Island and Okanagan regions of British Columbia. Product innovations include Canada’s first free chequing account from a full-service financial institution. To learn more, visit coastcapitalsavings.com. For further information, please contact:
Manager, External Communications
604 836 6924