With voter support from its members and board of directors, CoastHills Credit Union is expanding its services and field of membership to five contiguous Central Coast counties to include Ventura, Santa Barbara, San Luis Obispo, Monterey and Santa Cruz.
To do so, it converted from a federal to state‐chartered credit union in July. Its new state‐chartered status allows CoastHills to serve members beyond its previous coverage area, which was limited to the northern half of Santa Barbara County and San Luis Obispo County.
“For our current members, this expands the pie, which allows us to offer more products to more members, in an efficient and effective way,” said Jeff York, CoastHills’ President/CEO.
“For new members, it means they will have the opportunity to enjoy the CoastHills way of banking across the entire Central Coast.”
Under the new state charter, CoastHills’ member deposits will continue to be federally insured by The National Credit Union Share Insurance Fund with $250,000 of coverage for each member.
Hugh Rafferty, Chairman of the CoastHills Board of Directors, said the decision to expand was by vote of the 57,000+ membership. “It’s a unique opportunity for our members to have the right to weigh in on such an important part of our future growth. We’re pleased that they supported the board’s recommendation to expand. It’s good for our members, good for the economy and good for the communities we will serve.”
CoastHills plans to start with immediate opportunities for auto, mortgage and business lending.
“We’re going to hit the ground running,” York said. “I’m confident that the families and businesses in all five counties will learn very quickly that our products and services are outstanding, our rates are extremely competitive and our vision to make a difference in our neighbors’ lives will stay consistent. We are here to serve. This is truly another great day for CoastHills and our members. “
The expanded territory will also bring more employment opportunities, both locally and throughout the Central Coast. “We’ve added seven new positions in the first week to support our initial lending pursuits,” said York. “ And, that is just the start.”
York said there are plans to double CoastHills’ branch network over the next five years, from 11 to 22 branches, with a “brick and mortar” presence in all five counties.
Additionally, there are 123 shared credit union branches in the five‐county area, plus more than 300 ATM’s that will provide members with surcharge‐free ATM accessibility. “Our new and existing members will be able to visit branches when they need to, even before we have our actual presence,” Mr. York said. “Plus, they’ll always be close to accessing a free ATM.”
CoastHills currently serves more than 57,000 members with 11 branches and a full service call center. With assets of more than $750 million, CoastHills is one of the largest independently owned financial institutions on the Central Coast.