|By Julie Lynem, The Tribune (San Luis Obispo, Calif.)|
|McClatchy-Tribune Information Services|
Over the next five years, the credit union, with assets in excess of
The expansion, which received voter support from credit union members as well as its board of directors, is the result of the institution converting to a state-chartered credit union from a federal one in July, according to a press release issued Wednesday. Before the switch, CoastHills was limited to
Credit unions and banks can be chartered by the state or federal government. Under a state charter, credit unions must abide by its state's laws and regulations and have greater access to state legislators who may better understand local issues affecting them. As well, the Field of Membership laws, which allow for the mixing and matching of communities and Select Employee Groups for state-chartered credit unions, are more flexible, and that gives these institutions more of an opportunity to expand membership and services.
CoastHills' member deposits will continue to be federally insured by the
Credit union officials say they are excited about extending CoastHills' reach. CoastHills plans to start immediately offering opportunities for auto, mortgage and business lending.
"We're going to hit the ground running," said
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