CoastHills member-owners approve federal charter conversion
The conversion will allow the Credit Union to serve more members and communities
SANTA MARIA, CA (January 24, 2024) — The CoastHills Credit Union Board of Directors and member-owners have voted to convert from a state chartered Credit Union to a federally chartered Credit Union. The Credit Union’s former state charter limited eligibility to anyone who lives, works, or worships in Santa Barbara, San Luis Obispo, Monterey, Ventura and Santa Cruz counties. Now CoastHills will operate as a Multiple Common Bond charter, allowing them to serve more members and communities through association and employment eligibility. Through expanded eligibility, economies of scale will reduce costs and allow CoastHills to give more back to member-owners. CoastHills will continue to have their deposits insured by the National Credit Union Share Insurance Fund (NCUSIF), operated and managed by the National Credit Union Administration (NCUA).
“CoastHills is excited to convert to a federal charter, which will allow us to serve virtually any prospective member. We are dedicated to supporting the Central Coast through exceptional member service, and providing products and services that help our members reach all of their financial goals. We are always looking for ways to improve so we can give back even more to our member-owners and to our communities, and this conversion will allow us to do just that.” said Credit Union President/CEO Paul Cook. “Whether our members prefer banking on our state-of-the-art online and mobile banking services, or at their favorite local branch, we are happy to now have the opportunity to serve anyone who is interested in becoming a member of CoastHills.”
All current CoastHills members will maintain their membership, and there will be no changes to product or services offerings. CoastHills will not be closing any of the 12 branches operated on the Central Coast.
About CoastHills Credit Union
CoastHills is a not-for-profit Credit Union serving more than 76,000 members in Santa Barbara, San Luis Obispo, Monterey, Ventura and Santa Cruz counties. Founded in 1958 to primarily serve military and civilian personnel at Vandenberg Air Force Base, CoastHills now serves the entire community with 12 branches and a locally staffed full-service call center. With assets of more than $1.7 billion, CoastHills is the second largest locally owned financial institution on the Central Coast.
