CHARLOTTE, N.C.,None — Officials at Coastal Federal Credit Union said all branches will be located in North Carolina's Triangle area by the end of February, as the Raleigh-based financial institution closes four elsewhere.
Coastal Federal will close three branches in the Charlotte area and a branch in Garner on Feb. 26.
Spokesman Joe Mecca said the credit union then will have 15 branches.
Mecca said Coastal Federal has some 12,000 of its 195,000 members in the Charlotte area, where competition is intense.
Members there can use 11 branches operated by other credit unions as well as do their banking online or by phone.
Coastal Federal may add as many as five branches in the Triangle area by the end of the year.
Additional information from Coastal Federal:
Coastal Federal Credit Union announced Friday that it will close its physical branch network in the Charlotte area, effective February 26, 2010. The move is part of the credit union's ongoing plan to focus on and expand its presence in the Triangle, where Coastal has significant market share and operates 15 branches.
The three locations to be closed are: 1835 West W.T. Harris Blvd., Charlotte 1605 Galleria Blvd., Charlotte 970 Branchview Dr., Concord
While the credit union has had a branch presence in both the Charlotte and Triangle markets, the majority of Coastal's membership and best-performing locations are within the Triangle. Coastal's intent is to focus on building upon recent success there, primarily by taking advantage of its innovative Express Teller technology and a fresh branch strategy to fill in gaps in consumer banking coverage throughout that core market.
"Over the past 42 years, the Triangle has been central to our success, and is the key to our long-term, sustainable growth," said Coastal's President and CEO, Larry Wilson. "This is where we enjoy our strongest market share, solid brand recognition and best return on our investment. By focusing on our strengths locally, we'll be able to continue that kind of growth and solidify our position as the local leader in checking accounts, car loans and mortgages."
Members who use the Charlotte-area branches are being notified of service alternatives, including 11 nearby Credit Union Service Centers (shared branches), Coastal's robust Online Banking system and its 24-hour call center. The credit union also participates in networks that give members nationwide access to 3,500 shared branches and 50,000 surcharge-free ATMs.
"We already serve tens of thousands of members in all 50 states through a rich offering outside of a brick and mortar branch network," Wilson added. "The long-term success of our Triangle branch operations will go a long way toward enhancing our ability to provide those remote service alternatives to members."
Employees affected by the branch closings will have the opportunity to apply for any open positions within the organization. Those that cannot be placed internally will be offered severance packages.
"We're moving forward, but are doing so with the utmost concern for the impact this decision will have on our employees," said Wilson.
Coastal Federal Credit Union is a not-for-profit, member-owned, financial cooperative, offering a full range of financial products and services for individuals, families and businesses. Coastal was chartered on August 31, 1967 with the mission of fostering the credit union philosophy of "people helping people". Today, with $2.2 billion in assets, Coastal serves 195,000 members from 1,200 business partners.
WSOC
