Coastal Credit Union issues largest dividend to date
Coastal Credit Union in Raleigh, North Carolina, has returned $3.7 million to its membership on the heels of a strong 2019. The dividend is the credit union’s largest-ever payout.
More than 69,000 members received money through the $3.4 billion-asset CU’s Loyalty Bonus program. Individual payments ranged from $5 to $300 and were calculated on the member’s relationship with the credit union, such as year-end loan balances and membership duration.
“Loyalty Bonus Day has become somewhat of a company celebration here,” Chuck Purvis, Coastal’s president and CEO, said in a statement. “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.”
Coastal’s call report data shows its net income inreased 9% in 2019, to more than $34 million. Members received a total payout of $3.3 million in 2019 and Coastal said it has returned $21.1 million to members through special dividends in the last nine years.
Beyond dividend payouts, Coastal also touted having saved members more than $35 million in 2019 – an average of $130 per member – thanks to lower rates and fees compared to the competition.