North Carolina’s Coastal Credit Union Surpasses $5 Billion in Assets

Coastal Credit Union surpassed the $5 billion mark in assets and its CEO said Thursday the Raleigh, N.C.-based financial cooperative is laying the groundwork to grow to $10 billion in assets over the next five years.

“We’re being very strategic about how we approach growth, and much of the work we did in 2023 and is continuing into this year is laying the groundwork for the future,” Coastal President/CEO Tyler Grodi said in a prepared statement. “We can’t just grow and then adapt. We have to already be functioning like a $10 billion institution well before we get there.”

When he started at the credit union just over a year ago, Grodi noted his top priority was to begin preparing the credit union to grow to $10 billion and beyond.

At the end of last year’s first quarter, Coastal posted assets of $4.702 billion, which grew to $5.179 billion at the end of this year’s first quarter, according to NCUA financial performance reports. In its Thursday prepared statement, Coastal reported it initially hit the $5 billion mark at the end of January, and by the end of April assets increased to $5.148 billion.

Loans also grew from $4.014 billion to $4.111 billion. Net income increased to $12.6 million at the end of this year’s first quarter compared to net income of $11.9 billion at the end of last year’s first quarter.

Coastal is the third largest credit union in North Carolina,

“I’m incredibly proud of our team and all that we’ve accomplished together and thank all of them for their hard work and commitment to serving our members and our community,” Grodi said. “I’m thrilled that this is the first major milestone we’ve reached together.”

Coastal’s 626 employees operate 24 locations throughout central North Carolina.