RALEIGH, N.C.–Coastal Credit Union is reporting it issued more than $4.1 million in special dividends to eligible members through its Loyalty Bonus program, while its overall giveback to members amounted to more than $41 million.
The $4.1-million payout was spread among nearly 77,000 members, the CCU added.
According to Coastal CU, the total Loyalty Bonus dividend is based on the credit union’s overall performance in 2021, with individual shares of the payout then calculated based on each member’s aggregate relationship (a function of year-end loan balances and average deposits) with Coastal, as well as their length of membership. Individual members received anywhere from $5 up to $300.
Over the past 11 years, Coastal CU said it has returned $29.2 million to members as special dividends.
“A great part of being a locally-based cooperative is, at the end of the year, we don’t pay dividends to Wall Street investors,” said President/CEO Chuck Purvis. “Instead, that money stays here in our community, and we reward the members who choose to do business with us every day.”
The Overall Return
Each year, Coastal CU said it also looks at its overall Member Giveback, the cumulative positive impact it makes by helping members save money on their everyday financial needs.
For 2021, Coastal was able to identify more than $41.6 million that ended up back in members’ wallets, an average of $139 per member.
The 2021 Member Giveback, as well as the Loyalty Bonus payout and the number of members who received a payout, are all Coastal’s highest on record, the CU added.
“These aren’t just big numbers that we can tout in a report. They represent a real impact on the financial well-being of our members, and are a critical part of what it means to be a credit union,” added Purvis. “Member Giveback quantifies how we deliver on our mission of Bank Better to Live Better, and both Loyalty Bonus and Member Giveback exemplify Coastal’s core value of Share Generously and the cooperative principle of Members’ Economic Participation.”
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