Coastal Credit Union Surpasses $5 Billion in Assets

by Joe Mecca

VP, Communication / Company Spokesperson

5.9.2024
|
Coastal News

Coastal Credit Union announced today that it has reached $5 billion in assets. Coastal initially hit the $5 billion mark at the end of January, and growth has continued through the spring. Through the end of April, Coastal’s assets are $5.148 billion.

“When I started at Coastal just over a year ago, my top priority was to begin preparing the credit union to be able to grow to $10 billion and beyond,” said Tyler Grodi, President & CEO. “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. I’m thrilled that this is the first major milestone we’ve reached together.”  

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

Coastal has grown assets by $483 million since Grodi took the helm as CEO in April 2023. The credit union had a net income of $34 million in 2023 and saw positive growth in loans, deposits, and membership. The $5 billion asset milestone will allow Coastal to scale services and invest in technology, infrastructure, and resources that improve their member's experience.

Auto Loans

Bank Better with a New or Used Auto Loan from Coastal

Tags

Back To All Articles

Social Blog Features

Blog Cross Promotions

Go Green Checking

Maximize Earnings, Minimize Hassle

Learn More

You Also May Be Interested In

Coastal News
2024 Member & Community Impact Report
Read Article
Coastal News
Coastal Credit Union Foundation Awards More Than $250k in Grants
Read Article
Member Tips
Five Money Saving Spring Activities
Read Article