Coastal Credit Union CEO Chuck Purvis Plans 2023 Retirement
In addition to growing the credit union’s assets and membership, his legacy includes co-inventing the personal teller machine.
Coastal Credit Union President/CEO Chuck Purvis said Thursday he plans to retire in March 2023.
He joined the Raleigh, N.C.-based Coastal in 2001 and was named president/CEO in 2012. He previously held executive positions at U.S. Central Federal Credit Union and the North Carolina Credit Union League.
Purvis cited the current strength and leadership of the credit union and committing more time to family as contributing factors in his decision to retire.
“When Chuck became CEO in 2012, we were a $2 billion credit union,” Coastal Board Chair Joan Nelson said. “Now, we’re knocking on the door of $5 billion, and it’s thanks to his focus on innovation and on serving the community, and his commitment to employees and members.”
During Purvis’ CEO tenure, the credit union’s membership also expanded from 192,886 to 300,211, according to NCUA Call Reports.
He was co-inventor of the personal teller machine and oversaw Coastal as it used the technology to implement 7 a.m. to 7 p.m. teller hours, seven days a week, and later became the first financial institution in the world to rely 100% on video tellers for branch transactions, the credit union said in a prepared statement. He also led the creation of a new digital services platform that was spun off as Constellation Digital Partners in 2017.
In addition, Purvis was instrumental in the formation of the Coastal Credit Union Foundation in 2011.
“What’s driven me for 40 years is, make a difference in people’s lives and leave it better than you found it. As I look back, I believe I’m leaving Coastal in a better place,” Purvis said. “Our success during my tenure has come from having a great team, and great teamwork. The future for Coastal is bright because our members’ well-being will be in very capable hands.”
He added: “I’ve always believed that you don’t retire from something; you retire to something. I have two grandsons, growing up way too fast, and a third on the way. My wife and I want to spend more time with them, see them grow up and be a positive influence in their lives.”
Throughout his career, Purvis has served the industry as a past board member of the National Credit Union Foundation, Co-op Solutions and Members Development Company. While chairing the NCUF board, he created the Community Investment Fund, which continues to help fuel much of the work being done at the national and state foundations. Most recently, he was among the industry leaders who spearheaded the formation of the FinHealth Fund.
Purvis has collected numerous industry and business leadership awards, including the Triangle Business Journal’s Businessperson of the Year and CEO of the Year; CUES Chief Executive of the Year and the Herb Wegner Memorial Award.
“The awards that matter most to me, though, are the more than 20 different best workplaces awards that we’ve earned along the way,” Purvis said. “I’m looking forward to one last year with this amazing team of people, and excited about everything we still have left to accomplish together.”
The credit union’s 595 employees operate 19 branches.
Coastal’s board of directors has appointed an executive search committee and enlisted D. Hilton Associates to conduct the search. The board said it plans to identify the top candidates later this year and select a successor in the first quarter of 2023.