Coastal Federal Credit Union is pleased to announce that it has successfully completed a merger with Freedom Credit Union. The merger was official as of July 1, 2016, with branches and systems converting to Coastal between October 28 and November 2.
Freedom was a $53 million credit union based in Rocky Mount. The merger gives Coastal 8,300 new members, 13 new employees and four more branches. Coastal renovated locations in Rocky Mount, and on-site at WakeMed’s facilities in Raleigh and Cary. Freedom’s Henderson location has been replaced by a new Coastal branch, located at 236 Dabney Drive.
“Freedom’s board sought a merger partner because they desired to expand member service, provide more long-term opportunities for their employees, and overcome the challenges of rising regulatory compliance costs that small credit unions face,” says Chuck Purvis, President and CEO of Coastal.
Purvis added, “The merger was attractive to Coastal, as well. We now have new branch locations to serve existing members living in the communities around the Rocky Mount and Henderson branch locations. It also opens up several opportunities to share all the benefits we can offer to our new employer groups.”
For more information, please contact Joe Mecca at 919-420-8044.
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 220,000 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, mobile banking featuring mobile check deposit, and a robust offering of online services at www.COASTAL24.com.