Coastal Credit Union Returns $3.7 Million to Members



8255-825500NEWS RELEASE Contact: Joe MeccaVP, Communication / Spokesperson919-420-8044 /jmecca@FINAL – For Immediate Release Coastal Credit Union Returns $3.7 Million to MembersLargest-ever Loyalty Bonus dividend part of $35 million financial impact RALEIGH, N.C. (February 14, 2020) – This morning, Coastal Credit Union issued more than $3.7 million in special dividends to eligible members through its Loyalty Bonus program. The payout was shared among more than 69,000 members, making it Coastal’s largest bonus dividend in terms of both dollars paid and number of recipients. The total Loyalty Bonus dividend was based on Coastal’s overall performance in 2019. Individual shares of the payout were then calculated based on each member’s aggregate relationship (year-end loan balances plus average deposits) with Coastal, as well as their length of membership. Individual members received anywhere from $5.00 up to $300. “Loyalty Bonus Day has become somewhat of a company celebration here,” said Chuck Purvis, Coastal’s President and CEO. “It’s so much more than a monetary payout to our members. It’s a day where we celebrate the very reason we’re able to return that money to them. As a member-owned cooperative, we’re not obligated to extract huge profits from consumers and pay them out to investors. Instead, the money we earn belongs to the members who use our products and services, and when we have a good year, we can give some of it back to them.”Over the past nine years, Coastal has returned $21.1 million to members as special dividends. The credit union also looks at the overall positive impact it has by saving money for members on their everyday financial needs. “Loyalty Bonus is just part of how Coastal returns value to our members; our purpose is to do what’s financially right for them, at every interaction” added Joe Mecca, VP of Communication. “Each year, we try to quantify that value, and have identified more than $35 million in member savings during 2019, or $130 per member. We calculate the difference between our loan rates, deposit dividends and fees, compared to the banks in our market, and add in the value of other incentives and programs that we provided as membership benefits throughout the year.”About Coastal Coastal Credit Union is a not-for-profit, member-owned, financial cooperative, offering a full range of financial products and services. Coastal was chartered on August 31, 1967 with the mission of fostering the credit union philosophy of “people helping people.”? Today, with $3.4 billion in assets, Coastal serves 270,000 members from 1,700 business partners and is among the leading financial institutions in North Carolina.? Coastal operates 23 branches in central North Carolina and serves members in all 50 states through a network of 5,000 shared branches, 80,000 surcharge-free ATMs, mobile banking featuring mobile check deposit, and a robust offering of online services at?. For more Coastal news, visit our online newsroom.? ###Ways Coastal saves members money 2019 Savings*Loan Rates?Refinancing Mortgages $883,430 Auto Refinance Savings Guarantee $123,330 Refinancing Auto Loans $742,430 Auto Loans $6,534,770 Home Equity Lines of Credit $872,770 Credit Card Hurricane Relief Campaign $106,000 Deposit Dividends?Go Green Checking Dividends $2,313,260 Money Market Dividends $4,506,900 Certificate Dividends $3,651,630 IRA High Yield Savings Dividends$506,720Health Savings Accounts Dividends $181,580 Fees?First Time Homebuyer Origination Fee $194,010 Mortgage Underwriting Fee $734,400 Bounce Guard/NSF Fee $843,830 Overdraft Forgiveness Program $3,618,850 Overdraft Transfer Fee (eliminated 2017) $1,285,940 Non-Coastal ATM fee (eliminated 2019) $175,000 Other Eliminated Fees $293,960 Incentives & Discounts ?Loyalty Bonus Dividends $3,720,230 Daymark Realty Member Savings $664,730 Join Days $215,680 Credit & debit card bonus incentives $27,570 Youth Certificate Incentive $4,880 Fast Lane at Coastal Credit Union Music Park $41,710 Coastal Music Park Concessions Discount $10,430 idAlly Identity Theft Recovery Services $2,430,690 Carolina Hurricanes discounts $6,370 NCFC / NC Courage Discounts $26,190 Coastal Family Day $375,290 Coastal Midtown Park Food Truck Events $21,500 Durham Bulls Sweepstakes $1,600 Total Member Giveback $ 35,115,600*Member Giveback is estimated by comparing the average interest and dividend rates of Coastal’s loan and deposit product portfolios versus average local bank rates for similar products from external sources like and S&P Global. We also compared Coastal’s fees to the advertised fees of Bank of America, Wells Fargo, PNC, BB&T, First Citizens and SunTrust. Additionally, we quantify the actual cash value of product incentives and discounts that Coastal offers to members. ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download