CoastHills Member-Owners Approve Federal Charter Conversion


  • January 22, 2024
  • By CoastHills Staff

We're excited to announce that your CoastHills Board of Directors and fellow member-owners have voted to convert from a state-chartered Credit Union to a federally chartered Credit Union. Our former state charter limited membership eligibility to anyone who lives, works or worships in Santa Barbara, San Luis Obispo, Monterey, Ventura and Santa Cruz counties. CoastHills will now operate as a Multiple Common Bond charter, allowing us to serve more members and communities though association and employment eligibility. Membership will also be available to any immediate family member or household member of existing CoastHills members.

Through our expanded eligibility, economies of scale will reduce costs and allow us to give back more to you, our member-owners. In addition, converting to a federal charter will simplify our regulatory environment and will expand the opportunities for CoastHills to offer new services. CoastHills will also receive additional exemptions from taxation, including exemption from state sales taxes. 
 
As an existing CoastHills member, you will not be impacted by this charter conversion. CoastHills' deposits will continue to be insured by the National Credit Union Share Insurance Fund (NCUSIF), and we will continue to be regulated by the National Credit Union Association (NCUA). There will be no changes to the products or services that we currently offer, and we will not be closing any of our branches.

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 charter conversion will allow us to do just that. Whether you prefer banking on our state-of-the-art online and mobile banking platforms, or by visiting your favorite branch, providing you with an exceptional banking experience is of utmost importance to us. If you have any questions about this charter conversion, please contact us at (805) 733-7600 or stop by any of our 12 Central Coast locations

Thank you for your membership and your trust in CoastHills. 

Sincerely,

Paul Cook
President/CEO

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