Coastal Federal Credit Union, North Carolina's 8th largest financial institution, commemorated its 40th Anniversary on Friday, August 31st! This milestone was celebrated with in-branch activities that day, and will be highlighted in the company's marketing and member communications through the remainder of 2007.

The credit union was chartered on August 31, 1967 by employees of IBM as the IBM Raleigh Employees Federal Credit Union, and later became known as the IBM Coastal Employees Federal Credit Union as membership grew to include employees throughout North Carolina, South Carolina and most of Virginia. In 1991, the credit union's field of membership began to expand to include other businesses and associations, and the name was shortened to Coastal Federal Credit Union.

Since then, Coastal has grown to become an industry leader. Fueled by a membership comprised of several of Research Triangle Park's high-tech companies, Coastal was among the first financial institutions in the world to provide online banking, and has been at the forefront of the industry in terms of developing and incorporating new technology into its branches and services.

Today, with more than $1.7 billion in assets; 164,000 members; 1,100 participating employers and associations; and more than 420 employees, it is the second largest credit union in the Carolinas. Coastal's presence has grown to include 22 branches in 7 counties across the state, along with providing members with 24-hour online and telephone banking, and access to 58,000 surcharge-free ATMs and 2,700 credit union service centers nationwide.

"Through four decades of solid growth, we've seen an incredible amount of change here at Coastal, and throughout the industry," says President & CEO, Larry Wilson. " However, one thing that has remained constant is our dedication to providing members with all of the services they need, in an affordable, convenient and professional manner. We're a not-for-profit financial cooperative, and while we've grown to become one of the 50 largest in the U.S., we've remained true to our core value, fostering the credit union philosophy of 'people helping people'. Because of that we always have, and will continue to, focus on serving members of modest means."

Coastal is also chartered to openly serve 3 census tracts in Lee County that the National Credit Union Administration designates as an "underserved community", determined by the area’s median family income, unemployment rate, and “significant unmet needs for loans or equity investments”. Likewise, Coastal's award-winning student banking program was created to incorporate financial education into the services it provides to young members.

The credit union pledges to keep up that level of service and innovation. "We're dedicated to providing members with great service, and continuing to expand to meet their changing needs," adds Wilson, "through the next year, and the next 40 years."

Coastal Federal Credit Union was chartered on August 31, 1967. Formed through the efforts of concerned individuals (Who were confident that the Credit Union would help meet the financial needs of their community) our mission in the new century is still centered on delivering quality services and solutions to our membership, and fostering the Credit Union philosophy of “people helping people” in our community."