Coastal Credit Union Returns $3.7 Million to Members

Largest-ever Loyalty Bonus dividend part of $35 million financial impact

RALEIGH, NC / ACCESSWIRE / 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


Auto Refinance Savings Guarantee


Refinancing Auto Loans


Auto Loans


Home Equity Lines of Credit


Credit Card Hurricane Relief Campaign


Deposit Dividends


Go Green Checking Dividends


Money Market Dividends


Certificate Dividends


IRA High Yield Savings Dividends


Health Savings Accounts Dividends




First Time Homebuyer Origination Fee


Mortgage Underwriting Fee


Bounce Guard/NSF Fee


Overdraft Forgiveness Program


Overdraft Transfer Fee (eliminated 2017)


Non-Coastal ATM fee (eliminated 2019)


Other Eliminated Fees


Incentives & Discounts


Loyalty Bonus Dividends


Daymark Realty Member Savings


Join Days


Credit & debit card bonus incentives


Youth Certificate Incentive


Fast Lane at Coastal Credit Union Music Park


Coastal Music Park Concessions Discount


idAlly Identity Theft Recovery Services


Carolina Hurricanes discounts


NCFC / NC Courage Discounts


Coastal Family Day


Coastal Midtown Park Food Truck Events


Durham Bulls Sweepstakes


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.


Joe Mecca
VP, Communication / Spokesperson

SOURCE: Coastal Credit Union

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