SANTA MARIA, Calif.–CoastHills Credit Union is moving to a federal charter to expand its field of membership.
The $1.8-billion credit union said the move will allow it to serve “virtually any prospective member.” Under its state charter, CoastHills’ FOM was limited to California’s Central Coast counties of Santa Barbara, San Luis Obispo, Monterey, Ventura and Santa Cruz.
According to a released statement, CoastHills said it will now operate as a multiple common bond charter, which will allow it to “serve more members and communities through association and employment eligibility.”
Will Help ‘Reduce Costs’
“CoastHills is excited to convert to a federal charter, which will allow us to serve virtually any prospective member,” President and CEO Paul Cook said in the statement.
The credit union said the change would allow it to reduce costs and “allow CoastHills to give more back to member-owners.”
CoastHills FCU has approximately 77,000 members.
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