Freedom, Coastal Federal Credit Union to merge
Freedom Credit Union and Coastal Federal Credit Union have announced the intent to merge, with Coastal as the continuing organization. The boards of both credit unions recently approved the merger, which will become effective July 1, pending final approval from regulators and Freedom's membership.
As part of the merger, Coastal is committed is to placing all Freedom employees into comparable roles within Coastal, as well as maintaining Freedom's four branch locations in Cary, Henderson, Rocky Mount and Raleigh. After the merger, the two credit unions will operate as separate entities until a full conversion from Freedom's systems to Coastal's can be completed, scheduled for November.
"The opportunity to partner with Coastal is just too attractive to pass up," said Jeff Jones, Freedom's President and CEO. "Coastal offers the size, strength and resources of an industry leader, with the cooperative values and local focus of a small credit union. The merger is a great move for our credit union and expands the products, services and conveniences we can offer our members.”
Chuck Purvis, Coastal's president and CEO, added "I'm excited about the opportunities this merger will present to both organizations. We have more than 6,000 Coastal members living within the greater Henderson and Rocky Mount areas who will benefit from this natural expansion of our geographic reach. "
Freedom's membership will have to vote to approve the merger at a special meeting early this summer.
RTRP CEO to retire
The Research Triangle Regional Partnership on Monday announced that president and CEO Charles Hayes is retiring on June 30. He has served in those positions since 1996.
A CEO search committee will be formed under the guidance of the RTRP board of directors.
Under Hayes’ leadership, the RTRP embarked 12 months ago on the development of a strategic plan to examine the organization’s structure and focus to anticipate and meet the future needs of the region and RTRP stakeholders. This process will provide recommendations to the RTRP board by June 30.
“We have been honored to have Charles Hayes at the helm of RTRP for the past 20 years,” said Gary Joyner, chairman of the RTRP Board of Directors. “During his tenure, the RTRP has achieved significant national recognition for its work on behalf of the many regions that comprise the Research Triangle. Charles has shaped the pathway that will ensure a promising future for RTRP.”