Central Coast credit union switches to federal charter. Here’s what it means for customers

CoastHills Credit Union is officially switching its charter, a move that will open up membership to “virtually any prospective member,” the company announced Wednesday.

According to a news release, the credit union’s Board of Directors voted to convert from a state-chartered credit union to a federally chartered one.

The previous charter limited membership to only those who live, work or worship on the Central Coast, which spans Santa Barbara, San Luis Obispo, Monterey, Ventura and Santa Cruz counties.

According to the release, CoastHills will now operate as a multiple common bond charter, which will allow it to “serve more members and communities through association and employment eligibility.”

“CoastHills is excited to convert to a federal charter, which will allow us to serve virtually any prospective member,” President and CEO Paul Cook said in the release.

The move is expected to reduce costs and “allow CoastHills to give more back to member-owners,” according to the release.

“We are dedicated to supporting the Central Coast through exceptional member service, and providing products and services that help our members reach all of their financial goals,” Cook said. “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 conversion will allow us to do just that.”

Current members will maintain their membership, and no changes to products or service offerings are expected, the company said. The credit union will also not be closing any of its 12 branches on the Central Coast, according to the release.

CoastHills will continue to have deposits insured by the National Credit Union Share Insurance Fund, which is operated and managed by the National Credit Union Administration, according to the release.