coastal-credit-union

Coastal Credit Union is a not-for-profit, member-owned financial cooperative headquartered in Raleigh, North Carolina. Established on August 31, 1967, by eight IBM employees, the credit union was founded to serve the financial needs of the local IBM community. Over the years, Coastal has expanded its membership to include employees from over 1,700 businesses and associations across North Carolina. As of 2022, Coastal boasts assets totaling $4.6 billion and serves more than 323,000 members.

Mission and Vision

Coastal's mission is encapsulated in the statement: "Bank Better to Live Better." This reflects their commitment to providing affordable and convenient financial services that empower members to achieve financial well-being.

Key Strategic Focus

Coastal Credit Union offers a comprehensive suite of financial products and services, including savings and checking accounts, consumer loans, mortgages, credit cards, investments, online banking, real estate brokerage, and title insurance. The credit union operates 23 branches in central North Carolina and extends its services nationwide through a network of 5,000 shared branches and 30,000 surcharge-free ATMs. Emphasizing technological innovation, Coastal provides robust online and mobile banking platforms, featuring services like mobile check deposit, to ensure members have convenient access to their accounts.

Financials and Funding

As of 2022, Coastal Credit Union reported assets of $4.6 billion. The credit union's financial strength is further demonstrated by its substantial membership base of over 323,000 individuals.

Technological Platform and Innovation

Coastal has been a pioneer in the area of video banking, becoming the first institution globally to convert 100% of its teller operations to video tellers in 2010. This innovation enhances operational efficiency and member service.

Leadership Team

• Tyler Grodi: Appointed as President and CEO on April 1, 2023, Tyler Grodi brings extensive experience in the financial sector, having previously served as CEO of EFCU Financial.

• Joan Nelson: Serving as Board Chair, Joan Nelson has over three decades of industry experience and currently holds the position of Vice President, Quote-to-Cash.

Competitor Profile

In the competitive landscape, Coastal Credit Union operates alongside several notable credit unions:

• State Employees' Credit Union (SECU): Headquartered in Raleigh, North Carolina, SECU is one of the largest credit unions in the United States, serving state and public school employees.

• Truliant Federal Credit Union: Based in Winston-Salem, North Carolina, Truliant offers a range of financial services to its members.

• Local Government Federal Credit Union (LGFCU): Also headquartered in Raleigh, LGFCU serves local government employees and their families.

Strategic Collaborations and Partnerships

Coastal Credit Union is deeply committed to community engagement through its philanthropic arm, the Coastal Credit Union Foundation. The foundation focuses on promoting financial well-being, supporting affordable housing, and improving access to resources. It awards up to $1 million in grants annually to 501(c)(3) organizations within the 16 counties served by the credit union.

Operational Insights

Coastal's strategic initiatives, such as the adoption of video banking and the expansion of digital services, position it competitively within the financial services industry. The credit union's commitment to technological innovation and member-centric services differentiates it from traditional banks and other credit unions.

Strategic Opportunities and Future Directions

Looking ahead, Coastal Credit Union aims to continue its growth by enhancing digital banking capabilities, expanding its membership base, and deepening community engagement through the Coastal Credit Union Foundation. The credit union's focus on innovation and member service positions it well to adapt to evolving market dynamics and member needs.

Contact Information

• Website: www.COASTAL24.com

• Facebook: COASTAL24

• Twitter: @coastal24

• LinkedIn: Coastal Credit Union

Coastal Credit Union's dedication to innovation, member service, and community involvement underscores its role as a leading financial institution in North Carolina.