Coastal Federal Credit Union, a $2.8 billion institution based in Raleigh, has
Prior to the merger, Rocky Mount-based Freedom had $53 million in assets. The transaction now gives Coastal FCU 8,300 new members, 13 new employees and four more branches.
The former Freedom CU branches and systems completed a conversion to Coastal on Nov. 2.
"Freedom's board sought a merger partner because they desired to expand member service, provide more long-term opportunities for their employees and overcome the challenges of rising regulatory compliance costs that small credit unions face," Costal FCU President and CEO Chuck Purvis said in a statement.
Purvis also commented the merger was "attractive" to Coastal FCU as well. "We now have new branch locations to serve existing members living in the communities around the Rocky Mount and Henderson branch locations," he added. "It also opens up several opportunities to share all the benefits we can offer to our new employer groups."
