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  • Writer's pictureKelsie Papenhausen

Coastal Credit Union Surpasses $5 Billion in Assets

 RALEIGH, N.C. (May 9, 2024) – Coastal Credit Union announced today that it has reached $5 billion in assets. Coastal initially hit the $5 billion mark at the end of January, and growth has continued through the spring. Through the end of April, Coastal’s assets are $5.148 billion.

 

“When I started at Coastal just over a year ago, my top priority was to begin preparing the credit union to be able to grow to $10 billion and beyond,” said Tyler Grodi, President & CEO. “I’m incredibly proud of our team and all that we’ve accomplished together and thank all of them for their hard work and commitment to serving our members and our community. I’m thrilled that this is the first major milestone we’ve reached together.”  

 

Grodi added, “We’re being very strategic about how we approach growth, and much of the work we did in 2023 and are continuing into this year is laying the groundwork for the future. We can’t just grow and then adapt. We have to already be functioning like a $10 billion institution well before we get there.” 

 

Coastal has grown assets by $483 million since Grodi took the helm as CEO in April 2023. The credit union had a net income of $34 million in 2023 and saw positive growth in loans, deposits, and membership. The $5 billion asset milestone will allow Coastal to scale services and invest in technology, infrastructure, and resources that improve their member's experience.

 

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 $5.15 billion in assets, Coastal serves 332,000 members from 1,800 business partners and is among the leading financial institutions in North Carolina. Coastal operates 24 locations in central North Carolina and serves members in all 50 states through a network of 5,600 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.


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