Coastal Credit Union answers National Credit Union Foundation & WOCCU Hurricane relief plea, challenges industry peers
Coastal’s board approves $300,000 to assist affected areas
Coastal Credit Union, the National Credit Union Foundation (the Foundation) and the World Council of Credit Unions (WOCCU) announced today that Coastal has contributed a combined $300,000 in unrestricted aid to assist both organizations in their relief efforts in the wake of Hurricanes Harvey, Irma and Maria. The Foundation’s CUAid program received $250,000 for relief in the mainland US and Puerto Rico, while WOCCU’s Worldwide Foundation for Credit Unions received an additional $50,000 to help credit unions in the Caribbean. Both programs support credit union staff and volunteers.
“Coastal elected to make these grants to our general disaster relief fund in order to offer up the flexibility to shift funding between the individual efforts in Texas, Florida and Puerto Rico as each situation evolves,” said Gigi Hyland, the Foundation’s Executive Director. “We still haven’t fully assessed the impact to credit unions in Puerto Rico, so having funds in general disaster relief will enable us to act more nimbly once we determine the need.”
Worldwide Foundation is routing assistance through the Caribbean Confederation of Credit Unions (CCCU), which is working to support credit union staff and members who have lost homes, clothing and food. CCCU is responding to “unprecedented damages” over five island nations.
Since issuing a plea for credit unions to help, the Foundation reports it has received more than $1.8 million in assistance so far. Coastal’s leaders recognize the much larger need and are appealing to similar sized credit unions to also answer the call.
“I’m asking our industry peers to consider giving at the same level, or more,” said Coastal’s President and CEO, Chuck Purvis. “If the 100 largest credit unions in the country stepped in to assist in the same way, we could put $30 million in aid into place to help our credit union family in the U.S. and the Caribbean, this week.”
“I initially asked our board of directors for less, and they stepped up and added $50,000 to the total,” added Purvis. “They immediately recognized the importance of getting credit union employees and volunteers in affected areas back on their feet so then they will be able to assist their own members. It’s the credit union thing to do.”
About Coastal Credit Union
Coastal Credit Union is a not-for-profit, member-owned, financial cooperative, offering a full range of financial products and services. Coastal was chartered on August 31, 1967 with the mission of fostering the credit union philosophy of “people helping people.” Today, with $2.9 billion in assets, Coastal serves 237,000 members from 1,700 business partners and is among the leading financial institutions in North Carolina. Coastal operates 22 branches in the Triangle market and serves members in all 50 states through a network of 5,000 shared branches, 80,000 surcharge-free ATMs, mobile banking featuring mobile check deposit, and a robust offering of online services at www.COASTAL24.com.
About The Worldwide Foundation for Credit Unions
The Worldwide Foundation for Credit Unions is the official gift-receiving and grantmaking arm of World Council of Credit Unions. Over the past four years, the Foundation has delivered nearly $1 million in aid to credit union organizations affected by natural disasters in the Philippines, Nepal, Ecuador, Malawi, and Colombia.
