Coastal1 Credit Union has gone through a few big changes since Brian A. Azar was elected CEO and president in March 2021. A year ago, the financial institution, which for generations had been known as Pawtucket Credit Union, changed its name to Coastal1. Then in February, the credit union opened a location in North Attleborough, its first Massachusetts branch.
PBN: Coastal1 has a new name and is opening new branches. Is this part of an expansion strategy?
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AZAR: Our new name is intended to reflect the greater market area we serve. We are always looking for ways to continue to grow in ways that are consistent with our mission of serving our members. We believe there may be opportunities for continued growth, both in Rhode Island and in adjacent communities in Massachusetts.
However, our growth aspirations will never outpace our responsibility to our membership. Our mission is simple: We are committed to helping members achieve their financial goals. We are focused on simply being the best overall community financial institution in the markets we serve.
PBN: How big of a footprint would Coastal1 like to have or would be ideal? Will it measure success in deposits held or the number of members?
AZAR: Steady, sustainable growth is our goal. We’d be happy achieving our goals through a combination of continued relationship growth with our current members and smart, strategic branch openings when and where it makes the most sense for prospective members.
PBN: You recently opened the first branch in Massachusetts. How does Coastal1 choose which markets to enter? Is joining a credit union as easy as creating a bank account, or are there restrictions on membership?
AZAR: We look at communities that are adjacent to existing markets that may be experiencing growth or might be underserved. We explore opportunities as they present themselves and make decisions based on a combination of factors.
As a state-chartered credit union, membership in Coastal1 is open to all who live or work in Rhode Island or contiguous Massachusetts communities. It’s that simple and as easy as opening an account.
PBN: Are the numbers of members and deposits holding steady?
AZAR: The short answer is yes. In fact, we’re growing. Service quality continues to be a high priority at Coastal1, as management recognizes that member retention and growing our member relationships are critical to our growth. This commitment to service quality has been reflected in strong member loyalty. The credit union has made a conscious effort to advance a member-needs-focused culture within the organization for many years.
PBN: What are the advantages that Coastal1 and other smaller credit unions have over small banks? And what makes Coastal1 more attractive than other credit unions?
AZAR: Credit unions are very different from banks in that we were created by and exist for the benefit of our members – our account holders. In addition to being insured and backed by the full faith and credit of the U.S. government, credit unions are among the most well-capitalized financial institutions, maintaining equity reserves and investments that prioritize safety and soundness for their members. No federally insured credit union depositor has ever lost a dollar of their insured deposits.
At Coastal1, our member base is comprised of individuals and businesses from the communities we serve. With strong earnings and prudent financial management, Coastal1 Credit Union is well-positioned to weather the current economic turbulence and any unforeseen challenges that may lie ahead.
We will continue to actively manage the growth and financial performance of the credit union and look to remain a strong supporter of the communities we serve.
Sam Wood is a PBN staff writer. Contact him at Wood@PBN.com.
