RALEIGH, N.C.–In a trend among credit unions, for the second consecutive year Coastal Credit Union here has replaced the traditional annual report with its 2017 Member and Community Impact Report.
The report shares not just its financials–which are broken out in pie charts labeled “How We Earned It” and “How We Spent It”–but also Coastal’s newly revised mission, vision and values; what credit unions and the 7 Cooperative Principles are all about; its 2017 community impact; grants that it made, and how it was able to return $23.5 million in value to members.
In addition, the report shares news around its investment in the start-up CUSO Constellation Digital Partners, how it has created a new outbound call team that funded more than $8 million in loans while helping members save $275,000 in interest; how its Daymark Realty reached a milestone by saving members $1 million in real estate fees since being established in 2007, and the completion of an upgrade to its video teller system to the newest machines, improving teller service at 22 branches.
“Combined with our Loyalty Bonus dividends, the value that Coastal provides to members in the form of better rates and lower fees than our competition produces a cumulative positive impact of more than $23.4 million annually,” according to the Member and Community Impact Report. “A portion of that giveback is the result of Coastal eliminating 20 member account fees at the be- ginning of 2017. At a time when our bank competitors are increasing fees, Coastal found a way to put more than $600,000 a year back in our members' wallets. Of course, that doesn’t begin to take into account all the fees that we didn’t charge in the first place.”
The credit union noted it also has a Member Assistance Program (MAP) in place to help members who are struggling with their loan obligations. Since 2009, the MAP program has helped members restructure nearly 12,100 loans valued at $306 million by reducing their monthly payments for a period of time to help them get back on their feet, the credit union said.