Published on 06-12-2017
Categories: Letters from Chuck
As much as I enjoy using my updates to take a look at what’s ahead (and I still will today), there are times when it’s necessary to take a moment to reflect on what we’ve accomplished. The past six weeks have been an incredibly busy time for Coastal.
Since you last heard from me, we’ve reached a noteworthy milestone, and helped launch the future of credit unions. We honored the nonprofits who support our community, and we celebrated the retirement of a pillar of our organization. All this, while planning to celebrate our history, and our future.
A Million Dollars in Member Savings
This past month, our real estate division, Daymark Realty, reached an important milestone. Since it was formed, Daymark has saved Coastal members more than $1 million in real estate fees. Those savings are calculated as the difference between the listing fees that members pay versus what Daymark would charge a non-member.
Daymark offers members an experienced agent and full-service real estate brokerage for a member-exclusive listing fee of just 4.5%, compared to 6% charged by most brokers. Non-members can also use Daymark and pay only 5%, saving 1% from traditional brokers. Additionally, Coastal members who use a Daymark Realtor® to buy a home also receive a $500 cash rebate at closing.
A Star is Born
Also in May, Coastal and eight partners officially launched a new company, Constellation Digital Partners, LLC. Their first product, which is already patented and under development, will be a new digital services platform that will revolutionize the way credit unions develop and implement new online and mobile technology.
I’m also excited that Coastal’s Chief Information Officer, Kris Kovacs, has accepted a new role as Constellation’s CEO. Not only did Kris invent the digital services platform, he has led Constellation toward becoming the largest capital-raising venture in credit union history.
Power of Sharing
On May 18th, the Coastal Credit Union Foundation and several of our business partners teamed up for the 2nd annual Power of Sharing gala. That evening, we recognized the hard work of 13 local nonprofit organizations, and together awarded nearly $420,000 in grants.
I was incredibly touched by all the stories we heard that night, and found renewed inspiration to continue to support the community around me. I’d encourage you to read more about the event and the honorees on our blog.
In case you missed it, we announced a few changes to our Board of Directors following the Annual Meeting at the end of April. First, our longtime board member, Richard Bloom, retired after 44 years of service. Mr. Bloom held several leadership roles at Coastal since 1973, spending most of that time as Chairman. His presence will be missed, and I’m forever grateful for his leadership and dedication.
The board selected Deron Rossi to assume the Vice Chair role. Deron has been a Coastal volunteer for 21 years and will make a great addition to the executive committee. The board also re-elected Joan Nelson as Chairwoman and Bill Smith Secretary/Treasurer. Supervisory Committee Chair Jeff Dooley was elected by members to a director position on the board.
The Supervisory Committee, which represents members’ interest by overseeing independent and internal auditing of the credit union, welcomed two new members, Nicole Jefferies and Michael Abensour. AJ Ramsey will chair the committee.
Celebrating our 50th Anniversary
Looking ahead to the next couple months, we’ll be ramping up our 50th Anniversary celebration. We officially turn 50 on August 31, but will be celebrating for most of the year. It’s really quite remarkable to be turning 50, especially in an industry that’s been typically marked by consolidation.
Things really start to ramp up in July. Continue to watch your email and our social media channels for updates about:
Of course, none of this is even possible without the ongoing support of our membership. Thank you for making all of this possible.
President & CEO