Published on 02-14-2017
Categories: Coastal News
Coastal LOVES our members!
Today, Coastal Credit Union issued just over $2,300,000 in special dividends to qualified members through its new Loyalty Bonus program. The payout was shared among nearly 48,000 members, doubling last year’s total membership bonus.
Coastal has issued nearly $12 million in the six-year history of distributing special patronage dividends.
Loyalty Bonus is a new special dividend, replacing Coastal’s VIP program. The total payout is based on Coastal’s overall performance. Individual shares of the payout are then calculated based on a member’s aggregate relationship (loan balances & average year-end deposits) with Coastal, as well as their length of membership as of December 31, 2016. The minimum payout a member can receive is $5.00 while the maximum is $300.
“One of the benefits of being a cooperative financial institution is the ability to give back to our members,” said Chuck Purvis, Coastal’s President and CEO. “We refined our program to allow for us to share our success with more members. Coastal had a great year in 2016, and thanks to the changes we have made, we’re thrilled to have been able to double the number of members who received a bonus this year.”