The CoastHills Credit Union Board of Directors and member-owners voted to convert from a state-chartered Credit Union to a federally chartered Credit Union.
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.
The federal charter change will now allow CoastHills to operate as a Multiple Common Bond charter, allowing them to serve more members and communities through association and employment eligibility.
CoastHills will continue to have their deposits insured by the National Credit Union Share Insurance Fund (NCUSIF), operated and managed by the National Credit Union Administration (NCUA).
“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 interested in becoming a member of CoastHills,” said Credit Union President/CEO Paul Cook.
All current CoastHills members will maintain their membership, and there will be no changes to product or service offerings.
CoastHills will not be closing any of the 12 branches operated on the Central Coast.
