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NC-based credit union closes Charlotte, Concord locations

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Coastal Federal Credit Union is closing its Charlotte area branches at the end of February. WFAE's Simone Orendain has more: Coastal Federal Credit Union is closing its two branches in Charlotte and the one in Concord on February 26th. The non-profit bank has more than 195,000 members in the state. But only 12,000 are with the three Charlotte area branches. Coastal spokesman Joe Mecca says it hasn't been able to compete with the big banks and other credit unions in Charlotte. "We don't have the same kind of presence there as we do in the triangle," Mecca explains. "We have fewer branches. We have a smaller membership base. We don't have as many membership groups supporting us in terms of companies that offer Coastal as a member benefit to their employees. The credit union is based in Raleigh and came to the Charlotte region more than 20 years ago as part of IBM's benefit offerings to employees. He says Charlotte area members can continue banking online, by phone or with 11 Credit Union Service Centers located in and around Charlotte.