This morning, Coastal Federal Credit Union issued more than $2,100,000 in special dividends, earned by members through its VIP Program. The Loan Rebate and Deposit Bonus Dividends were shared among nearly 9,100 members, and ranged from $100 to $1,000.
This year’s payout was the largest in the four year history of the program, both in dollars and in the number of members who benefited. To date, Coastal has issued more than $7.1 million in VIP dividends.
While today’s $2.1 million dividend payout is sizable, the credit union is also able to quantify an additional $15.4 million in member benefits throughout the year, including: savings on loan rates and origination fees, higher yields on deposits and checking accounts, and reduced or forgiven fees.
“Member giveback is a core component of who we are as a cooperative,” said Chuck Purvis, Coastal’s President and CEO. “Whether it’s issuing a large dividend or simply saving members a few dollars every day, Coastal’s purpose is creating financial win-win situations for our membership. We focus on providing consumer-friendly products and services, and when we’re successful, we can share even more with the members whose active participation in the credit union drives that success.”
The VIP program was designed to reward members who have their primary checking account at Coastal. Members qualified as VIPs by performing 144 withdrawals from their Coastal checking accounts during 2014. VIP members then had the opportunity to earn Loan Rebate Dividends and Deposit Bonus Dividends by also having either two or more loan types, or two or more deposit types. Loan Rebates were based on interest paid during 2014, while Deposit Bonuses were determined by average balances.
Coastal Federal Credit Union is a not-for-profit, member-owned, financial cooperative, offering a full range of financial products and services. Coastal was chartered in 1967 with the mission of “people helping people” and continues to embody a mission, vision and cooperative philosophy that are express succinctly in the brand statement, “We Share”. Today, with $2.4 billion in assets, Coastal serves 198,000 members from 1,400 business partners and is among the leading financial institutions in North Carolina. Coastal operates 16 branches in the Triangle market and serves members in all 50 states through a network of 5,000 shared branches, mobile banking featuring mobile check deposit, and a robust offering of online services at www.COASTAL24.com.