A statement from CoastHills' CEO and Chairman regarding recent bank failures.

CoastHills Credit Union was founded on Vandenberg Air Force Base in 1958 to serve the financial needs of members of the military. We now support the entire Central Coast region and are proud to serve 77,000 members with $1.85 billion dollars in assets.

While recent news reports have noted isolated bank challenges, these banks relied upon and were heavily concentrated in select industries such as the technology sector, start-up companies, and cryptocurrency which resulted in their instability. CoastHills Credit Union does not do any cryptocurrency transactions and we have never purchased any cryptocurrency. 

Our diversified membership is one of our greatest strengths, serving members who are employed across all sectors on the Central Coast providing incredible depth and strength. Some of the employers include:

• Local, county, and state governments
• Contract companies providing service to Vandenberg Space Force Base
• Construction
• Agriculture
• Small businesses

As a federally insured Credit Union, we are regulated by the National Credit Union Administration, commonly referred to as NCUA, which also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). 

Share insurance coverage offered through the NCUSIF protects members against losses if a federally insured credit union should fail. You can confidently join and conduct business with federally insured credit unions because no member has ever lost a penny from accounts insured by the NCUSIF. It’s important to note that failures of federally insured credit unions are rare because only those with sound operational standards qualify to receive NCUSIF coverage. To learn more about our share insurance coverage, please visit MyCreditUnion.gov or contact us directly.

You can rest assured knowing that CoastHills Credit Union has significant cash on hand and strong equity reserves to provide safety and soundness. Our member-owners can feel confident and secure about your Credit Union’s future viability and ability to make a meaningful difference in our neighbors’ lives.

If you have any questions, we encourage you to speak to a member services officer at your local branch, or contact us at (805) 733-7600.

Sincerely,