Coastal Credit Union Issues Largest-Ever Loyalty Bonus Special Dividend

Joe Mecca

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Published on 02-14-2019

Categories: Coastal News

Loyalty Bonus

This morning, Coastal Credit Union issued more than $3.3 million in special dividends to eligible members through its Loyalty Bonus program. The payout was shared among 63,500 members, making it Coastal’s largest bonus dividend in terms of both dollars paid and number of recipients. This year’s payout was a 35% increase over 2018.

The total Loyalty Bonus payout was based on Coastal’s overall performance in 2018. Individual shares of the payout were then calculated based on each member’s aggregate relationship (year-end loan balances plus average deposits) with Coastal, as well as their length of membership. Individual members received anywhere from $5.00 up to $300.

“It’s important for us to remind people that there’s a different business model out there that’s designed to actually return value to its consumers rather than extract it from them.” said Chuck Purvis, Coastal’s President and CEO.  “As a member-owned cooperative, we’re in a unique position to both work to help our members improve their personal financial situation every day, and then share our financial success with them at the end of a profitable year. We aren’t beholden to Wall Street investors, so we can focus on using our earnings however they will best benefit our members. One way we can do that is by returning some to the people who helped us earn it.’”

Over the past eight years, Coastal has returned $17.5 million to members as special dividends. The credit union also looks at the overall positive impact it has by saving money for members on their everyday financial needs.  

“Loyalty Bonus is just part of how Coastal returns value to our members,” said Joe Mecca, VP of Communication. “We’ve identified more than $32 million in member savings during 2018 by calculating the difference between our loan rates, deposit dividends and fees, compared to our competition, as well as the value of other incentives and programs we offered to members throughout the year.”

About Coastal
Coastal Credit Union is a not-for-profit, member-owned, financial cooperative, offering a full range of financial products and services. Coastal was chartered on August 31, 1967 with the mission of fostering the credit union philosophy of “people helping people.”  Today, with $3.1 billion in assets, Coastal serves 257,000 members from 1,700 business partners and is among the leading financial institutions in North Carolina.  Coastal operates 23 branches in central North Carolina and serves members in all 50 states through a network of 5,000 shared branches, 80,000 surcharge-free ATMs, mobile banking featuring mobile check deposit, and a robust offering of online services at For more Coastal news, visit our online newsroom.



Ways Coastal saves members’ money

2018 Savings*

Loan Rates


Refinancing Mortgages


Auto Refinance Savings Guarantee


Refinancing Auto Loans


Auto Loans


Home Equity Lines of Credit  




Credit Card Balance Transfers


Credit Card Hurricane Relief Campaign


Deposit Dividends


Go Green Checking


Money Market




Health Savings Accounts




Origination Fees on Mortgages


Mortgage Underwriting Fee


Bounce Guard/NSF Fee


Overdraft Forgiveness Program


Overdraft Transfer Fee


Other Eliminated Fees




Loyalty Bonus Dividends


Daymark Realty Member Savings


Join Days


Credit & Debit Card Bonus Incentives


Fast Lane at Coastal Credit Union Music Park


idAlly Identity Theft Recovery Services


Carolina Hurricanes Discounts


NCFC / NC Courage Discounts


Coastal Family Day


International Credit Union Day Food Truck Rodeo


Total Member Giveback


 *Member Giveback is estimated by comparing the average interest and dividend rates of Coastal’s loan and deposit product portfolios versus average local bank rates for similar products from external sources like and S&P Global. We also compared Coastal’s fees to the advertised fees of Bank of America, Wells Fargo, PNC, BB&T, First Citizens and SunTrust. Additionally, we quantify the actual cash value of product incentives that Coastal offers to members.

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