British Columbia’s fourth-largest credit union is changing its name to better reflect its business.
North Shore Credit Union (NSCU) will become BlueShore Financial on September 30. The move is meant to remove the perception that the credit union only operates on the North Shore.
Chris Catliff, NSCU’s CEO, noted the credit union has evolved to such an extent that more than half of its members and 70% of its business now originate beyond communities along the north shore of Burrard Inlet.
“The perceptions are that we are only on the North Shore. That was an issue,” he said. “We had to get a name that wouldn’t restrict our ability to expand farther afield.”
The move continues a trend among B.C.’s credit unions to differentiate themselves in the competitive financial services market.
“It’s less about geography and more about the customer segment or value proposition,” Catliff said. “We are focused on financial planning for sophisticated investors and complex needs.”
With a dozen branches in the Lower Mainland and along the Sea-to-Sky corridor, BlueShore will remain one of the largest credit unions in the province. It has more than $3 billion in assets under administration to date, a 6% increase from assets in 2012.
