Coastal Credit Union Returned $71.4 Million to Members in 2022
Today’s $4 Million Loyalty Bonus dividend part of overall Member Giveback
RALEIGH, N.C. (February 14, 2023) – This morning, Coastal Credit Union issued nearly $4 million in special dividends to eligible members through its Loyalty Bonus program. The payout was shared among more than 79,000 members.
The total Loyalty Bonus dividend is based on Coastal’s overall performance in 2022. Individual shares of the payout are then calculated based on each member’s aggregate relationship (a function of year-end loan balances and average deposits) with Coastal, as well as their length of membership. Individual members received anywhere from $5 up to $300. Over the past 12 years, Coastal has returned $33.2 million to members as special dividends.
“A fundamental part of being a locally-based cooperative and a good neighbor is, we aren’t paying dividends to Wall Street investors. Instead, that money stays right here in our community, rewarding the members who choose to do business with us every day,” said Chuck Purvis, Coastal’s President & CEO.
Each year, the credit union also looks at its overall Member Giveback, the cumulative positive impact it makes by helping members save money on their everyday financial needs. For 2022, Coastal was able to identify more than $71.4 million that ended up back in members’ wallets, an average of $221 per member.
The 2022 Member Giveback, as well as the number of members who received a Loyalty Bonus payout, are all Coastal’s highest on record.
“Member Giveback represents the real impact we have on the financial well-being of our members.” added Purvis. “It quantifies how we deliver on our mission of Bank Better to Live Better, and both Loyalty Bonus and Member Giveback exemplify Coastal’s core value of Share Generously and the cooperative principle of Members’ Economic Participation.”
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 $4.52 billion in assets, Coastal serves 325,000 members from 1,800 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 5,500 shared branches, 30,000 surcharge-free ATMs, mobile banking featuring mobile check deposit, and a robust offering of online services at www.COASTAL24.com. For more Coastal news, visit our online newsroom.