The Triangle Business Journal named Coastal Federal Credit Union CEO Chuck Purvis the publication’s Businessperson of the Year. In honoring Purvis with the award, the publication noted his management style, commitment to employee engagement, as well as Coastal’s growth and prominence in the Triangle community.
Coastal Federal Credit Union Under Chuck Purvis
Assets: $2.8 billion ($600 million increase since 2012)
Members: 230,000 (53,000 increase since 2012)
Loans: $3.6 billion ($2.3 billion increase since 2012)
Reporter Lauren Ohnesorge profiled Purvis in TBJ’s December 16 publication. Her in-depth look noted the growth of the institution since 2012, the year Purvis took the helm of the $2.8-billion cooperative financial institution.
She also chronicled Coastal’s Bank Better campaign, which is a direct response to the Wells Fargo scandal, in recent months. Bank Better is a micro-site that spells out the key structural differences between cooperative credit unions like Coastal and for-profit banks – and how the structure at Coastal benefits its member-owners. The site also simply and elegantly communicates Coastal’s We Share philosophy.
In terms of management, Purvis was lauded for his efforts to cultivate a younger management core at Coastal, increase employee engagement, and guide the credit union to future growth opportunities in the competitive Triangle marketplace. Purvis also spearheaded the credit union’s commitment to pay a $12.50 living wage to every employee at the cooperative, while eliminating nearly half of its fees.
In the community, the credit union held more than 100 financial education sessions to benefit local schools, non-profits and other groups. Its Foundation awarded $166,000 in grants to local community organizations. Coastal also acquired naming rights for the Walnut Creek Amphitheatre.
The Triangle Business Journal has named a Businessperson of the Year each year since 2004. Past winners include Cree, Inc. founder Neal Hunter, Red Hat CEO Jim Whitehurst and Ashley Christensen, a local chef and restaurant proprietor. You can read the article by Lauren Ohnesorge by clicking here (subscription required).