Coastal Federal Credit Union and Freedom Credit Union Agree to Merger

by Joe Mecca

VP, Communication / Company Spokesperson

4.6.2016
|
Coastal News

RALEIGH, N.C. (April 6, 2016) – Coastal Federal Credit Union and Freedom Credit Union have announced the intent to merge, with Coastal as the continuing organization. The boards of both credit unions recently approved the merger, which will become effective July 1, 2016, pending final approval from regulators and Freedom's membership.

As part of the merger, Coastal is committed to placing all Freedom employees into comparable roles within Coastal, as well as maintaining Freedom's four branch locations in Cary, Henderson, Rocky Mount and Raleigh. After the merger, the two credit unions will operate as separate entities until a full conversion from Freedom's systems to Coastal's can be completed, scheduled for November.

"The opportunity to partner with Coastal is just too attractive to pass up," said Jeff Jones, Freedom's President and CEO. "Coastal offers the size, strength and resources of an industry leader, with the cooperative values and local focus of a small credit union. The merger is a great move for our credit union and expands the products, services and conveniences we can offer our members. It will also provide more long term opportunities for our employees, and will overcome many of the challenges we face as a small credit union, such as rising regulatory and compliance costs.

Chuck Purvis, Coastal's President and CEO, added "I'm excited about the opportunities this merger will present to both organizations. We have more than 6,000 Coastal members living within the greater Henderson and Rocky Mount areas who will benefit from this natural expansion of our geographic reach. "

Freedom's membership will have to vote to approve the merger at a special meeting early this summer.

Merger Comparison

as of 12/31/15

Freedom

Coastal

Combined

Members

9,301

212,260

221,561

Employees

17 FT, 3 PT

414 FT, 18 PT

431 FT, 21 PT

Branches

4

17

21

Deposits

$48.1 M

$2.1 B

$2.15 B

Loans

$39.9 M

$2.18 B

$2.22 B

Assets

$53.3 M

$2.60 B

$2.65 B

Net Worth

9.01%

10.12%

10.1%

Headquarters

Rocky Mount

Raleigh

Raleigh

Tags

Back To All Articles

Social Blog Features