Letter from the CEO: Helping members build homes and build savings

by Chuck Purvis

President & CEO (retired)

From CEO

Dear Members,

In my last letter, I talked a lot about the benefit of belonging to a cooperative, and the value that we create for our members. I want to continue that theme a bit to talk about some of the new products we’ve been working on to help you get even more value out of the credit union. I’ll also discuss two ways you can find out more about what we’ve done for members over the past year, and how to learn more about what’s coming this year.

Construction to Permanent Loans

It’s spring, and North Carolina’s real estate market is once again heating up. High demand for homes, coupled with a low inventory of houses for sale, has many buyers looking for other options. Some are building new, while others are opting to buy existing properties and performing major renovations to turn it into their dream home.

In either case, Coastal now has a mortgage* to specifically meet those needs. We recently began offering  construction-to-permanent loans, which allow our members to combine the financing of the construction of their home with the permanent mortgage in one convenient loan. Our mortgage team can help construction-to-permanent loans, and our combined loan means that you only have to pay closing fees once, with half the hassle.  


Member and Community Impact Report

Our 2017 Member and Community Impact Report is now available on our website.  In it, we talk about the highlights of a successful 2017, provide our year-end financial results, and much more. In it, you can learn more about our revised mission, vision and values; and what We Share and the cooperative principles mean to our organization. We also provide details of our $23.5 million Member Giveback and take an in-depth look at the role Coastal, and our foundation, play in the community.

I encourage you to take a look. The impact report does a great job of not only reviewing what we did last year, it also tells the story of why we do what we do.  

Annual Meeting

Lastly, I wanted to invite you to attend our 2018 Annual Meeting. The meeting will take place at our headquarters at 1000 St. Albans Drive in Raleigh on Monday, April 23 at 7:00 PM. There, you’ll have the opportunity to hear more about our 2017 highlights and plans for 2018, ask questions of Coastal’s leadership, and vote for our board of directors.  

I hope to see you there. I love seeing members engaged in what’s happening at the credit union, and having the opportunity to hear from you directly.


Chuck Purvis
President & CEO


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**APY = Annual Percentage Yield.  APY is accurate as of 4/12/2018. Savings rates are subject to change daily. Minimum deposit to open a certificate account is $250. All member deposits are insured up to $250,000 (funds in IRA accounts are eligible for separate insurance protection up to $250,000 by the National Credit Union Administration, an agency of the United States Government. Dividends are based on the Credit Union's earnings at the end of a dividend period and thus cannot be guaranteed. On certificate accounts the Credit Union may impose a penalty for early withdrawal. Fees may reduce earnings on accounts. Dividends may be forfeit if an account is closed before accrued dividends are credited.

*** Source: bankrate.com, 4/10/2018