RALEIGH, N.C. – Coastal FCU said this morning it paid its most loyal members, frequent users of checking accounts, a $1.5 million special dividend last week.
The $2 billion said its VIP program was launched to reward members who have their primary checking account at the one-time IBM employees credit union with special benefits and exclusive offers.
Members qualified for the VIP Program by performing 144 withdrawals from their Coastal checking accounts during 2011. Among the program benefits, members had the opportunity to earn Loan Rebate Dividends and Deposit Bonus Dividends, which ranged from $100 to $500. The special dividends were earned by being a VIP member with either two or more loan types, or two or more deposit types.
“It’s a way of showing our appreciation to the members who bring their core financial relationships to Coastal.” said Chuck Purvis, executive vice president and chief operating officer of North Carolina’s second largest credit union.
Coastal reported $24.5 million in net income for 2011, up 46% from 2010.
