Coastal’s Statement About Recent Bank Failures

Dear Members,

You may have seen the recent news about large bank failures, and you’re bound to be curious about your own financial relationships. We hear your concerns, and it’s our job to reassure you.   

It’s times like this that we are reminded that we may provide banking services, but we’re not a bank.  As member-owned, not-for-profit cooperatives, credit unions truly are different. We work for you and only you, and not for Wall Street investors and large commercial depositors.

For more than 55 years, Coastal’s purpose has always been to put our members first, and there’s nothing we take more seriously than the safety and security of your money.  

Coastal remains strong and very well capitalized. We are examined annually by federal regulators (NCUA) to ensure the safety and soundness of members’ money within the institution

It’s important to note that credit union members have never lost a penny of insured savings at a federally insured credit union. Information on all federally insured credit unions can be found at NCUA.gov.

We will continue to monitor the situation and all forms of risk to ensure we remain good stewards of our members’ money.

Thank you for your ongoing trust, and for turning to us to help you bank better to live better.

Sincerely,

Chuck Purvis
President & CEO