Coastal Rewards Members with $2.3 Million Payday

by Joe Mecca

VP, Communication / Company Spokesperson

1.26.2016
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Coastal News

This morning, Coastal Federal Credit Union issued nearly $2,300,000 in special dividends, earned by members through its VIP Program. The Loan Rebate and Deposit Bonus Dividends were shared among 24,400 members, nearly triple last year's total. In addition, more than 3,500 members received both payouts.

This year’s payout was the largest in the five year history of the program, both in dollars and in the number of members who benefitted. To date, Coastal has issued more than $9.4 million in VIP dividends.

While today’s $2.3 million dividend payout is sizable, the credit union is also able to quantify an additional $16 million in member benefits throughout the year. Along with such benefits as reduced or forgiven fees, two of Coastal's highest yielding and member savings benefits in 2015 were derived from Coastal's Go Green checking and money market products as well as savings received by mortgage refinancing.

“As a cooperative, member giveback is as valuable to us as it is to our members,” said Chuck Purvis, Coastal’s President and CEO. “Our growth and success stems from those members who actively participate in the credit union, choosing our products or enlisting our services. Giving back in various forms throughout the year, including this annual dividend, demonstrates our commitment to share even more with our membership.”

The VIP program was designed to reward members who have their primary checking account at Coastal. Members qualified as VIPs by performing 144 withdrawals from their Coastal checking accounts during 2015. VIP members then had the opportunity to earn Loan Rebate Dividends and Deposit Bonus. Loan Rebates were based on interest paid during 2015, while Deposit Bonuses were determined by average balances.

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