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, allowing it to serve more members and communities. 

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 it 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 its 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,” Credit Union President/CEO Paul Cook said. “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. 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. 

CoastHills is a not-for-profit Credit Union serving more than 76,000 member-owners.  Founded on Vandenberg Air Force Base in 1958, CoastHills Credit Union now operates 12 Central Coast branches and a locally staffed full-service call center.  

With assets of more than $1.79 billion, CoastHills Credit Union is the second-largest locally owned financial institution on the Central Coast, and offers both consumer and commercial banking products and services.