Shannon Ouellette
Tori Whittemore
Hunter Park
St. Francis Xavier University
Brad Long
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Banking plays a critical role in the lives of Canadians, where many communities and businesses rely on financial instruments to conduct their day-to-day activities. However, traditional banks tend to prioritize their profits over their customers and the communities they operate in. In Atlantic Canada, the East Coast Credit Union is changing the way people bank through their 19 branches spanning from Lunenburg to Cape Breton. Their mission is to work within the community, lend within the community, and give back to the community. By recycling money in the community, the East Coast CU differentiates itself from the big banks where the money will not necessarily be kept local. Each branch is tailored to the community it operates in so the East Coast CU can best serve its members. According to Mary Oxner, the chair of the board of directors, she is proud to be involved with the East Coast CU and how its member-centric approach is helping communities.
As a large credit union, East Coast CU must generate profit while following stringent regulations and remaining competitive with other banks. However, they differentiate themselves from other financial institutions by giving back to their communities, valuing their employees, and serving their members. Each of its 19 branches takes the specific needs of its community into account. With a value of approx. $1.3 Billion, the East Coast CU prioritizes people over profit while remaining economically viable and competing with the big banks. Each year, 1% of profit goes directly to the communities they operate in, whether supporting non-profits, sports teams, or junior achievement; last year, this amount totalled around $400,000.
East Coast CU’s point of differentiation is lending and borrowing within the community they operate in, servicing their communities, and giving back financially. This began in 1933 with just one branch. Fishermen and farmers saw the need for an institution that helped empower community members with trouble accessing credit while keeping these funds in the community. The East Coast CU’s story has been built on the community since the beginning. It was founded through kitchen meetings where community members discussed the need for a local credit union. Members would deposit funds to lend to those who required capital, demonstrating the organization’s commitment to fostering strong communities. Since then, the East Coast CU has become the largest credit union in Nova Scotia, serving thousands of members across the province. The East Coast CU, by name itself, is a somewhat new entity, as it is an amalgamation of numerous local community credit unions that have come together over the years since its founding. Through instilling this sense of purpose in its members and employees, they have grown to over 200 employees and 42,000 members since then, advancing SDG 8: Decent Work and Economic Growth. Through its success, the East Coast CU can continue to give back and support local communities. East Coast CU describes its members as people, not account numbers. Customers feel that their well-being is prioritized when it comes to their banking, and they see the bank's positive impacts on the community as well. The East Coast CU has ingrained a deep sense of belonging and appreciation within its organization; Mary Oxner describes her work with the East Coast CU as “a constant reward, the high points do not stop, I’m always learning from new members and their perspectives”.
To further its dedication and commitment to communities, the organization also grants employees time off to support various initiatives of their choice, which can be specific to their communities, such as Project Sunshine at the St. Andrews Seniors Housing Association (SASHA). SASHA is a non-profit to which the East Coast CU provides many benefits, such as 0% or reasonable loan interest rates, interest forgiveness, and free accounts. The SASHA project and similar community initiatives demonstrate the East Coast CU’s commitment to supporting its members and their respective communities.
Credit Unions operate based on a set of guiding principles that emphasize their cooperative and member-focused nature. The East Coast CU has been a trailblazer in East Coast communities through initiatives and funding uniquely designed for each area. The principles of credit unions fulfill their mission of providing financial services to their members while maintaining a strong sense of community and cooperation. When examining the East Coast CU through the lens of the guiding principle, one can see that the organization goes above and beyond each. The East Coast CU is open to all for voluntary membership if the individuals share a common bond, such as living in the same community. The organization also continues to reaffirm its commitments to providing a socially responsible banking alternative, ensuring financial inclusion and community wellbeing, all while using business as a force for good. Credit unions are democratic organizations, and each member has one vote and is encouraged to participate in decision-making. Within the organization, members can also vote for the board of directors, as Mary Oxner was elected to her position by members.
Credit unions are also autonomous entities controlled and directed by their members and operate independently from external influences. This allows members and employees at the East Coast CU to identify causes and issues they value and dedicate their time to working towards these goals. By having members economically participate in the credit union's financial success, the return is seen through surplus income to members through financial benefits. Furthermore, the East Coast CU strives to foster economic growth in its communities through grants, sponsorships, financial assistance programs, and a commitment to always buy locally. By giving back to the community through education opportunities, the East Coast CU can enable community members to make informed financial decisions. Examples of these initiatives at the East Coast CU include financial literacy programs, workshops, and access to information about the organization’s products and services to support tomorrow’s leaders. The East Coast CU helps people understand and improve their finances through personal guidance and community workshops to grow participants' financial knowledge in an approachable, easy-to-understand way.
Credit unions work together and support other cooperative organizations. They collaborate at local, national, and international levels to strengthen the cooperative movement and provide greater benefits to their members. The cooperative movement is deeply rooted in the East Coast CU’s history, with the Antigonish Movement having influenced the creation of credit unions and similar cooperatives across the Maritime provinces. The Bergengren Branch at the East Coast CU is located in Antigonish, which is home to the Coady International Institute at St. Francis Xavier University. In May 2022, the East Coast CU received the Coady Award for demonstrating leadership in cooperation, volunteerism, education, and environmental sustainability.
Credit unions are also committed to the well-being of their communities, as seen through the East Coast CU’s generosity and support given to its local communities. This is achieved by often engaging in charitable and community development activities, supporting local initiatives and contributing to the social and economic welfare of their members and the broader community. These principles guide credit unions and the East Coast CU in their day-to-day operations and reflect their core values of community, cooperation, and member service.
The East Coast CU has an incredible impact on its members and the communities they live and work in. The organization has recently been B Corp certified as of July 2023. Acquiring the certification is a way that the East Coast CU has demonstrated its commitment to its core values. It also represents another way East Coast CU is advancing SDG 8: Decent Work and Economic Growth. By reducing the use of paper in the workplace, buying locally, and powering all of its branches through green energy purchased from Bullfrog, the East Coast CU makes sustainability a priority and decreases its overall carbon footprint. Embracing sustainability and maintaining its B Corp certification, the East Coast CU can assist its members and communities in incorporating sustainable measures in their everyday lives. Furthermore, the East Coast CU pays its employees a living wage while offering time off for volunteer initiatives. This allows employees to contribute to the local economy and give back to their communities. Mary Oxner describes working with the organization as being incredibly rewarding and emotional.
The East Coast CU was recognized for its efforts in May of 2022 when the organization received the Canadian Credit Union Association’s National Environment, Social and Governance (ESG) Award (ECCU Wins National ESG Award). This award was granted for the organization's contributions to St. Andrews to help the town meet its strategic goal of reducing its carbon footprint. East Coast CU shows its commitment to its ESG goals and promotes a more sustainable future for the local communities where the union works.
Alongside B-corp initiatives and Project Sunshine with SASHA, the East Coast CU has introduced other community initiatives. The Community Compass Grant was introduced to provide various funding levels to social enterprises and co-operatives. This fund provides $150,000 in total funding for projects or programs that create a measurable social or environmental impact in local communities. Another valued partnership that the Easy Coast CU has developed is with L’Arche Cape Breton. Since 2005, the East Coast CU has participated in and supported L’Arche through fundraising and hosting events such as an annual barbecue fundraiser. A highlight on the East Coast CU’s website under the community section is the Coady Change Leader at St.FX Univeristy. This program is devoted to shifting the socio-economic development narrative from weakness to strength on a global scale through a $25,000 pledge by the East Coast CU. Lastly, the credit union put $5,000 back into the local economies by purchasing gift cards to farmers’ markets for members to spend. This initiative was a great way to support locals and give back at the same time. These described programs and campaigns are just some ways the East Coast CU has made a positive difference and impact on its local communities through funding.
East Coast CU is constantly supporting its communities with thousands of dollars of monetary assistance and providing volunteer time off to staff to support initiatives in their communities. This signifies the active advancement of SDG 11: Sustainable Cities and Communities. However, it may leave some wondering how it remains competitive against the big banks, which don’t provide nearly as much community support. It turns out that rather than shrinking the bottom line, these large-scale donations actually draw more community members in to help grow the business.
Drawing customers to the East Coast CU proves to be difficult when competing with the big banks that have easy access to technology. They face the same challenges as larger banks when it comes to adapting to the latest technology but with the added layer of their commitment to communities. However, beyond all the learning and adaptation that is needed are patient communities and employees who are eager to adapt. There are several factors that contribute to the acquisition and retention of East Coast CU customers. Operating exclusively in Nova Scotia, legacy plays a significant role. Children see where their parents bank and follow suit. The same goes for neighbours and community members. They know someone the credit union has helped, whether it be a sports team, or a fisherman who needed a loan for their fishing boat. Also, members like the idea of becoming members and having a voice in what happens in the Credit Union, something that would not be possible at a large bank. The East Coast CU holds democratic values, where the board of directors is nominated, and amalgamation is voted on. Combined, East Coast CU’s values and offerings create an enticing image for its customers, allowing it to capture a significant market share in Nova Scotia. Members can see firsthand the benefits of the credit union in their community, which is a large part of what keeps it competitive against the big banks.
St. Andrews is a vibrant, rural, suburban community in Nova Scotia. The community values self-sufficiency, community spirit, and care for others. Their success has motivated community members to volunteer their time to contribute to local projects and inspired other communities in the region to follow suit. The East Coast CU has upheld the values of the community by funding projects, being active volunteers, and partnering with SASHA in 2000 (ECCU Wins National ESG Award). Through the donation of land, financial assistance, and volunteers, the East Coast CU has helped SASHA create an affordable housing complex for local seniors, contributing to SDG 11: Sustainable Cities and Communities. More recently, the union has helped with a sustainable upgrade to the complex of a solar field, which offsets 15 tonnes of Carbon through solar energy and improves heating efficiency in the affordable seniors housing building (Project Sunshine). By pursuing projects like bringing reliable and sustainable energy to St. Andrews, East Coast CU is also advancing SDG 7: Affordable and Clean Energy.
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Mary Oxner, Chair of The Board
The East Coast Credit Union is a dynamic, full-service financial cooperative, community-focused leader locally owned by its members. With a mission to support members and their communities, the East Coast CU is beginning to give back by providing green energy infrastructure in rural communities. Through empowering East Coasters with a variety of initiatives and funding opportunities, the East Coast CU is making strides toward a more sustainable and equitable Canada.