RALEIGH, N.C. — Coastal Federal Credit Union is now among the 45 largest credit unions in the country as it has surpassed $2 billion in assets.

Since Jan. 1 Coastal has added more than $139 million in assets and increased membership by 8,000 to reach 177,000 members. A new high-dividend checking account that Coastal debuted earlier this year brought in more than 3,000 new accounts for the credit union.

"The high-dividend checking account was a piece of the puzzle that was really missing for us," Joseph Mecca, director of community and corporate relations.

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President/CEO Larry Wilson attributed the growth to the credit unions longevity and reputation.

"When you've been around for more than 40 years, you can achieve this kind of growth," Wilson said. "Compare that to the average community bank, which is around just over five years before becoming an acquisition target. We're quite the opposite; we're committed to be around long-term, and plan to continue serving the community for another 40 years."

As a result of the growth Wilson announced a realignment of several management responsibilities.

"A member of our senior team will be retiring shortly, and while he's helped build the credit union for the last 20 years it gives us the opportunity to put some pieces together under different roles," Mecca said. "Business has changed a lot in the past 20 years."

Mecca said that under the old organization structure a large portion of the business was reporting directly to Wilson and that the credit union will now be better aligned to serve members now and in the future.

The trust and investment services and insurance services departments are now aligned under Senior Vice President/Chief Retail Officer Willard Ross. Senior Vice President/Chief Operations Officer Chuck Purvis is now responsible for e-business and member relations departments. He is also in charge of the information technology division and projects he previously managed as senior vice president/strategic business officer. Kristopher Kovacs was promote to vice president of e-commerce technology, a newly created department. T.J. Wyman has been named vice president for retail strategy, and Jeff Borcik was named manager of product development. Sandy Glasson, vice president of retail sales and service, and David Faleski, vice president of marketing, make up the new retail leadership team, which is led by Ross.

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