Published on 07-21-2019
Categories: From Chuck
Thank you for taking the time to read or watch my updates each month. As the CEO of a cooperative, it’s important to me to remain accountable to our members, and to provide a way for you to stay connected to what’s happening at your credit union, both right now and in the near future. This month, I’m pleased to provide you with an update of our year so far, introduce a new credit card reward, and celebrate a well-deserved honor for one of our longtime volunteers.
First, please join me in congratulating our board chair, Joan Nelson, on her induction into the African American Credit Union Coalition Hall of Fame. Joan has been a volunteer with Coastal for 25 years and has led our board of directors since 2012.
Joan has been a passionate and dedicated advocate for our members and employees alike. Her leadership has guided Coastal toward becoming the strong, innovate and thriving organization that we are today. I’m eternally grateful for the guidance that she’s provided to the credit union, and to me personally.
The next time you see Joan at one of our events, please be sure to congratulate her on this incredible honor.
As we’ve reached the halfway point of 2019, I’d like to take a moment to provide you with an update on our results so far this year. Overall, member growth is strong, and we’re now the financial home to 265,000 members and growing.
All those members have made Coastal a top destination for loans. Consumer lending has originated $477 million in loans this year. We had record months for mortgages and home equity loans in May, as well as for personal loans in June.
Our auto lending program is ranked #2 for market share in Wake County, and #3 in our entire 16-county market. Home equity lending is ranked #3 in Wake and Durham Counties, and #4 in the overall market. As we discussed previously, mortgage lending remains #4 in the market. All of these rankings are out hundreds of lenders doing business here, so we thank you for making Coastal one of the top choices.
All of this leads to Coastal having a good year financially so far. Net operating income is a bit ahead of budget at $13.8 million, and we’re on pace to hit our overall financial goals.
This enables us to continue to invest in the products and services we provide to you. As we look ahead to the rest of the year, our biggest focus is on the two branches that we have under construction, as well as continuing to actively work on a new digital platform. We also have a number of other smaller projects in the works, most of which will directly improve our ability to serve members.
A New Credit Card Reward
Finally, I want to share another new reward that’s available to our members. We recently introduced a new Share Points reward for our Rewards and Signature Premier Rewards credit cards. Members who use participating BP gas stations can redeem Share Points for discounts at the pump. After you swipe your card, if you have enough points available, you will be presented with the option to redeem 2,000 points for a discount of 50 cents off per gallon, up to 20 gallons.
This is just one of many rewards available to our credit card holders. As a reminder, members with our Premier Rewards card earn triple points for gas purchases.
I’m certainly looking forward to the remainder of 2019, and all the ways we can continue to help members like you bank better, so that you can live better.
President & CEO
Our featured local coffee is El Salvador Finca Natural from Bean Traders Coffee in Durham.