Coastal Federal Credit Union and Freedom Credit Union agree to merger
RALEIGH, NC (April 6, 2016) — Coastal Federal Credit Union and Freedom Credit Union have announced the intent to merge, with Coastal as the continuing organization. The boards of both credit unions recently approved the merger, which will become effective July 1, 2016, pending final approval from regulators and Freedom’s membership.
As part of the merger, Coastal is committed is to placing all Freedom employees into comparable roles within Coastal, as well as maintaining Freedom’s four branch locations in Cary, Henderson, Rocky Mount and Raleigh. After the merger, the two credit unions will operate as separate entities until a full conversion from Freedom’s systems to Coastal’s can be completed, scheduled for November.
“The opportunity to partner with Coastal is just too attractive to pass up,” said Jeff Jones, Freedom’s President and CEO. “Coastal offers the size, strength and resources of an industry leader, with the cooperative values and local focus of a small credit union. The merger is a great move for our credit union and expands the products, services and conveniences we can offer our members. It will also provide more long term opportunities for our employees, and will overcome many of the challenges we face as a small credit union, such as rising regulatory and compliance costs.
Chuck Purvis, Coastal’s President and CEO, added “I’m excited about the opportunities this merger will present to both organizations. We have more than 6,000 Coastal members living within the greater Henderson and Rocky Mount areas who will benefit from this natural expansion of our geographic reach. ”
Freedom’s membership will have to vote to approve the merger at a special meeting early this summer.
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Merger Comparison
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as of 12/31/15
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Freedom
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Coastal
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Combined
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Members
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9,301
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212,260
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221,561
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Employees
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17 FT, 3 PT
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414 FT, 18 PT
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431 FT, 21 PT
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Branches
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4
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17
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21
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Deposits
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$48.1 M
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$2.1 B
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$2.15 B
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Loans
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$39.9 M
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$2.18 B
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$2.22 B
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Assets
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$53.3 M
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$2.60 B
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$2.65 B
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Net Worth
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9.01%
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10.12%
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10.1%
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Headquarters
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Rocky Mount
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Raleigh
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Raleigh
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About Coastal Federal Credit Union
Coastal Federal 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 $2.8 billion in assets, Coastal serves 230,000 members from 1,600 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.
