Coastal Sees Assets Surge, Pushing It Past $4 Billion Milestone
The credit union grows from $3 billion to $4.2 billion in assets in just two and a half years.
The Raleigh, N.C.-based Coastal Credit Union’s experience through the pandemic resulted in a record swell in deposits, assets and mortgage volume, sending the credit union past the $4 billion asset mark.
“We’re coming off a year where assets surged, fueled by an influx of deposits,” Chuck Purvis, president/CEO, said. “The pandemic certainly affected member behavior, and many members who could, chose to stash away stimulus money and extra income.”
Coastal made the announcement this week, adding that they went from $3 billion to $4.2 billion in assets in just two and a half years.
“Our assets grew by nearly 17% in 2020, with deposits trending up significantly, at nearly 19% annual growth. We also saw a second straight year of record mortgage volume, up 32% over 2019, and remained a top 3 lender in our market for auto and home equity loans,” Purvis said.
The amount of money coming into Costal continues to grow, as its more than 280,000 members are receiving tax refunds and stimulus money from the latest round of COVID-19 relief money passed by Congress.
“What’s interesting,” Purvis added, “is that for nearly a full year, we grew while having our branch lobbies closed due to COVID-19 precautions. Service remained uninterrupted, though, as Coastal’s tellers remained available seven days a week via our interactive teller machines, and members quickly shifted to our other digital services. In fact, by the fall, we were seeing more check deposits coming through our mobile app than through our tellers.”
According to the announcement, the credit union will spend 2021 helping members and the community overcome the residual negative financial impact of the pandemic, while enhancing its digital service capabilities.