RALEIGH, N.C.––Coastal Credit Union is reporting it has topped $5 billion in assets.
“When I started at Coastal just over a year ago, my top priority was to begin preparing the credit union to be able to grow to $10 billion and beyond,” said Tyler Grodi, president & CEO. “I’m incredibly proud of our team and all that we’ve accomplished together and thank all of them for their hard work and commitment to serving our members and our community. I’m thrilled that this is the first major milestone we’ve reached together.
“We’re being very strategic about how we approach growth, and much of the work we did in 2023 and are continuing into this year is laying the groundwork for the future. We can’t just grow and then adapt. We have to already be functioning like a $10 billion institution well before we get there.”
Coastal reported it has grown assets by $483 million since Grodi took the helm as CEO in April 2023. The credit union had a net income of $34 million in 2023 and saw positive growth in loans, deposits, and membership.
“The $5 billion asset milestone will allow Coastal to scale services and invest in technology, infrastructure, and resources that improve their member's experience,” the CU said.