Coastal1 Credit Union

What Coastal1 Credit Union does

Coastal1 Credit Union is a not-for-profit financial cooperative founded in 1928 and headquartered in Pawtucket, Rhode Island, serving individual consumers and small-to-medium-sized businesses across Rhode Island and Massachusetts through 20 branch locations and 70 surcharge-free ATMs in the Credit Union Connection Network. The institution offers a full-stack product portfolio including four consumer checking tiers (Advantage, Free, Spectrum, Direct Plus), Money Market savings, Certificates of Deposit, IRAs, consumer loans (auto, personal, recreational, home equity lines and loans), mortgages (conventional, FHA, VA, construction, land, jumbo, ARM), consumer and business credit cards, three tiers of business checking (Business Essentials, Business Advantage, Signature Business), commercial real estate and equipment lending, SBA-certified lending, merchant services via Clover, insurance products, and wealth management.

The technology architecture is a platform-plus-modules model built primarily on the Q2 (Q2e) digital banking platform with native iOS/Android mobile apps, biometric authentication, mobile remote deposit capture up to $10,000 daily, Card Manager controls, and digital wallet integration (Apple Pay, Google Pay, Samsung Pay). Core banking relies on third-party partners for specialized capabilities: Elan Financial Services issues credit cards, Visa provides the card network with Verified by Visa authentication, Clover handles merchant POS, and QuickBooks/Quicken enable accounting integration for business customers. Federal Housing Administration and U.S. Department of Veterans Affairs program participation extends mortgage product reach to first-time homebuyers and veterans.

Revenue derives primarily from net interest income on the lending portfolio (mortgages, home equity, auto, personal, commercial real estate, equipment, and business lines of credit), supplemented by service charges on deposit accounts (Advantage Checking $25 monthly service charge if conditions unmet; Spectrum Checking $12 monthly service charge if minimum balance unmet), transaction and overdraft fees ($600 Overdraft Privilege with per-item charges), interchange and interest from credit cards issued through Elan, and merchant services revenue. The member-owned cooperative structure directs profits back to members through competitive deposit rates (up to 4.00% APY on bump-up CDs, 3.25% APY on Advantage Checking) and competitive loan pricing (HELOC intro 5.99% APR, home equity loans as low as 6.625% APR, Spectrum Home Loan at 7.00% APR). Customer acquisition relies on community-led growth in Rhode Island and Massachusetts through physical presence, word-of-mouth, community investment programs, and digital channels including the Coastal1.org website and mobile banking platforms.

Name

Coastal1 Credit Union

Legal name

Coastal1 Credit Union

Website

https://coastal1.org

Company type

Private

Founded year

1928

Operating status

Operating

Headcount range

251–500 employees

Short description

Coastal1 Credit Union is a not-for-profit, member-owned financial cooperative founded in 1928, serving individual consumers and small-to-medium-sized businesses across Rhode Island and Massachusetts through 20 branches, 70 surcharge-free ATMs, and a Q2-powered digital banking platform.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130), Commercial Banking (52211)

SIC

Savings Institution, Federally Chartered (6035), National Commercial Banks (6021)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Federations/Centrals & Cooperative Banking Networks (2nd-Tier Co-ops) (FSABAEAL)

Keywords

• Retail banking
• Consumer lending
• Mortgage lending
• Commercial lending
• Mobile banking

Headquarters

HQ city

Pawtucket

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Interest Income from Lending: Primary revenue source from interest charged on loans including mortgages, home equity lines, auto loans, personal loans, and commercial/business loans. The credit union offers competitive rates including promotional rates such as 5.99% introductory APR on HELOCs and 7.00% APR on Spectrum Home Loans.
2. Checking and Savings Account Fees: Monthly service charges on certain accounts when minimum balance requirements are not met, with fee schedules available for both personal and business accounts. Advantage Checking has $25 monthly service charge if eligibility conditions not met.
3. Transaction and Service Fees: Fees for overdrafts, foreign ATM withdrawals beyond free allowances, wire transfers, official checks, stop payments, and other banking services. Overdraft Privilege provides $600 coverage with per-item fees.
4. Credit Card Revenue: Revenue from credit card interchange fees and interest charges on outstanding balances. Cards issued through Elan Financial Services include the Zero+ card with 0% introductory APR and rewards programs.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

Coastal1 Credit Union is a not-for-profit financial cooperative that provides retail and commercial banking products to individuals and small/mid-sized businesses across Rhode Island and Massachusetts. Core offerings include consumer checking and savings accounts, certificates of deposit, IRAs, mortgages, home equity loans, auto loans, personal loans, recreational loans, credit cards, business checking tiers, commercial real estate and equipment loans, SBA-certified business lending, cash management, merchant services, and insurance products. Distribution is delivered through 20 branch locations, 70 surcharge-free ATMs, Q2-powered online and mobile banking, and a dedicated commercial lending team.

Product overview

Coastal1 Credit Union offers a comprehensive financial services platform serving Rhode Island and Massachusetts. The product portfolio centers on core banking products including multiple checking account tiers (Advantage Checking, Free Checking, Spectrum, Direct Plus), savings accounts (Money Market, CDs, IRAs), and loan products. Digital banking is delivered through a unified platform combining online banking (Q2e) and native mobile apps for iOS/Android, with integrated features including Card Manager, Zelle P2P payments, and digital wallet support. Business services include commercial lending, three tiers of business checking (Business Essentials, Business Advantage, Signature Business), cash management, and Clover POS merchant services. Mortgage offerings span conventional, FHA, VA, construction, and land loans. Insurance products (AD&D, Auto/Home, Life) are offered through partnership. The architecture follows a platform-plus-modules model where the core banking platform is extended with integrated add-on services.

Differentiator

Problem solved

Functional benefit

Products and services

• Advantage Checking Premium personal checking account earning 3.25% APY on balances up to $20,000, with ATM fee rebates up to $25/month, free cashier checks, money orders, and coin sorting; $25 monthly service charge if eligibility conditions not met.
• Free Checking Basic personal checking account with no minimum balance, no monthly service charge, surcharge-free ATM access at participating credit unions, and up to 6 foreign ATM fee rebates per month.
• Spectrum Checking Interest-bearing personal checking with unlimited check writing, free ATM/debit card, and free online banking and bill pay; requires $1,000 average daily balance in checking or $5,000 across Coastal1 accounts.
• Direct Plus Checking Interest-bearing personal checking with unlimited free foreign ATM withdrawals and free mobile banking/mobile deposit, requiring direct deposit.
• Money Market Savings Personal savings account with premium interest rates and on-demand access to funds, with interest credited monthly.
• Certificates of Deposit Fixed-rate personal CDs with a variety of term options, $1,000 minimum deposit, and interest credited monthly or at maturity.
• Individual Retirement Accounts (IRAs) Retirement savings accounts offering Traditional, Roth, and Education (Coverdell ESA) options, with IRA CDs available at a $500 minimum.
• Online Banking Web-based personal banking platform providing 24-hour account access, balance viewing, transaction histories, fund transfers, bill pay, e-statements, and online account opening via Q2online.
• Mobile Banking App Native mobile app for iOS and Android providing account access, mobile deposit, fund transfers, bill pay, Touch ID/Face ID authentication, Card Manager, and digital wallet integration.
• Home Equity Line of Credit Revolving credit line secured by home equity with introductory rate of 5.99% APR for first 12 months, then Prime minus 0.50% with a 4.00% floor; $50 annual fee.
• Spectrum Home Loan Home equity loan at 7.00% APR with no points, no closing costs, and no hassles for loans up to 144 months on 1-4 family owner-occupied primary residences.
• Home Equity Loans Fixed-rate home equity loans up to $500,000 at rates as low as 6.625% APR for qualifying properties with 80% LTV or less and 60-month repayment.
• Auto Loans Automobile financing up to 100% of vehicle value for new and used vehicles, including the Smart Car Program with dealer invoice information.
• Zero+ Credit Card Consumer credit card with 0% introductory APR on purchases and balance transfers for 21 billing cycles, 4% cash back on travel booked through the Rewards Center, and a $15 annual statement credit, with no annual fee.
• Personal/Consolidation Loans Unsecured personal loans for debt consolidation or financial flexibility, combining multiple balances into a single manageable payment.
• Personal Line of Credit Revolving unsecured credit line up to $25,000 that replenishes as principal is paid down.
• Recreational Loans Financing for boats, motorcycles, RVs, and trailers with terms from 48 to 60 months.
• AD&D Insurance Accidental death and dismemberment insurance paying a cash benefit for accidental death or specific permanent injuries.
• Auto & Home Insurance Insurance policies protecting against financial losses related to vehicles and homes.
• Life Insurance Life insurance providing financial protection for families covering lost income, debts, education costs, or funeral expenses.
• Commercial Real Estate Loans Loans for office/industrial buildings, mixed-use properties, rental units, apartment buildings, and retail centers.
• Equipment Loans Financing for machinery, vehicles (single or fleet), and inventory for business operations.
• Business Lines of Credit Revolving credit facilities secured by real estate or non-real estate collateral with interest-only options and annual renewals.
• Business Essentials Business checking package with 200 free items per statement cycle, $10 monthly fee waived with $5,000 balance, business debit card with controls, ACH transfers, and Clover POS integration.
• Business Advantage Premium business checking with higher transaction limits, remote deposit capture, ACH origination, Positive Pay fraud protection, merchant services, and domestic wires; $20 fee waived with $25,000 balance.
• Signature Business Business banking for midsized companies with flexible financing, capital management tools, domestic/international wires, and sweep accounts linking operating accounts to lines of credit.
• Business Money Market Business savings account with high yield interest and easy access to funds.
• Business High Yield Savings Premium business savings with no monthly service charge if average daily balance exceeds $2,500 and 10 free foreign ATM withdrawals per month.
• Non-Profit Checking Business checking for non-profit organizations with no minimum balance, free first order of basic checks, 25 free transactions and 10 free foreign ATM withdrawals monthly.
• Business Credit Cards Credit cards designed for business spending with card management tools and rewards programs.
• Cash Management Online Banking Advanced business banking with account balance views, ACH file origination, wire transfers, balance credits for fee offsets, remote deposit capture, and QuickBooks/Quicken compatibility.
• Business Mobile Banking Mobile banking for businesses on iOS and Android devices with 5G/4G LTE connectivity, account access, transfers, and mobile deposit requiring a 5MP+ camera.
• FHA Loans Federal Housing Administration insured mortgages with flexible qualification guidelines, low down payments, and maximum LTV of 96.5%.
• VA Loans Veterans Administration backed mortgages offering 0% down payments, no mortgage insurance, up to 100% LTV, and competitive interest rates for veterans, active military, and surviving spouses.
• First Time Homebuyer Program 100% financing program for first-time buyers with loans up to $832,750, 30-year fixed rates, and a simple alternative to FHA/VA programs.
• Purchase Mortgage Special Purchase mortgage with 90% LTV and no PMI for qualifying properties up to $832,750.
• Quick Pay Mortgage Refinance mortgage at 6.375% rate (6.590% APR) for 16-20 year terms with no points, available for purchases or refinances.
• Adjustable Rate Mortgages ARM loans with initial fixed rates for 5/5 or 10/1 periods before converting to variable rates; options include 10/1 ARM at 6.125% (6.371% APR) and 5/5 ARM at 5.750% (6.514% APR).
• Jumbo Fixed Rate Mortgage Fixed rate mortgages for loan amounts exceeding $832,750, available in 10, 15, 20, and 30-year terms.
• Construction Loans Single-closing construction financing up to 90% LTV with interest rate lock-in at closing, interest-only payments for up to 12 months, and low closing costs.
• Land Loans Multiple land loan programs with 30-year amortization and free rate lock for buildable lots.

Quantifiable outcome

• Surcharge-free ATM access at 70 locations throughout Rhode Island
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core.

• Credit Union Connection NetworkcoreTechnology or IntegrationCoastal1 participates in the Rhode Island Credit Union Connection Network providing surcharge-free ATM access at 70 ATMs throughout the state at participating credit unions.
• Q2coreTechnology or IntegrationQ2 provides the online and mobile banking platform powering Coastal1's digital banking services including account access, transfers, bill pay, mobile deposit, and security features such as Detect Safe Browsing fraud detection.
• Apple PaycoreTechnology or IntegrationDigital wallet integration allowing members to add Coastal1 debit and credit cards to Apple Pay for contactless payments.
• Google PaycoreTechnology or IntegrationDigital wallet integration allowing members to add Coastal1 debit and credit cards to Google Pay for contactless payments.
• Samsung PaycoreTechnology or IntegrationDigital wallet integration allowing members to add Coastal1 debit and credit cards to Samsung Pay for contactless payments.
• ZellecoreTechnology or IntegrationZelle peer-to-peer payment integration available within online and mobile banking enabling members to send and receive money with friends, family, and small businesses typically within minutes.
• ClovercoreTechnology or IntegrationClover point-of-sale system partnered for business banking customers providing payment processing, inventory management, employee scheduling, and payroll services.
• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services is the creditor, issuer and service provider for Coastal1's credit card products including the Zero+ card and business credit cards.
• VisacoreTechnology or IntegrationVisa provides the payment network for Coastal1 debit and credit cards, including Verified by Visa fraud protection and worldwide acceptance at over 12 million locations.
• NCUAcoreOthersNational Credit Union Administration is the independent agency that insures credit union member deposits up to at least $250,000, backed by the full faith and credit of the United States Government.
• U.S. Department of Veterans AffairscoreOthersThe VA guarantees VA mortgage loans offered by Coastal1, enabling eligible veterans and military personnel to obtain favorable home financing with 0% down payments and no mortgage insurance.
• Federal Housing AdministrationcoreOthersThe FHA insures FHA mortgage loans offered by Coastal1, enabling first-time homebuyers and those with less established credit to qualify for homeownership with lower down payments.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Navigant Credit Union: Rhode Island's largest credit union, operating in the same primary market as Coastal1 with a similar community-cooperative model, comparable member-owned structure, and overlapping consumer/business/mortgage product set.
• BayCoast Bank: Massachusetts and Rhode Island community bank with similar product breadth (checking, savings, mortgage, commercial) and comparable branch-based distribution model targeting the same southeastern New England market.
• Washington Trust: Rhode Island's oldest community bank (founded 1800), publicly traded, offering consumer and business banking, mortgage, and wealth management directly competitive with Coastal1 across RI and southern MA.
• Bank of Rhode Island (BankRI): Rhode Island community bank offering personal, business, and mortgage banking with a similar branch footprint and customer profile; directly competes for the same retail and small-business members as Coastal1.
• Rockland Trust (INDB): Massachusetts-based community bank with similar full-service consumer/commercial/mortgage offering and comparable community-bank positioning; directly competes for Coastal1's northernmost RI and southern MA members.
• HarborOne Bank: Massachusetts community bank serving southeastern MA and northern RI with a similar product mix and mutual/community identity; comparable scale and customer base to Coastal1.
• Bristol County Savings Bank: Massachusetts mutual savings bank with deep community roots and a comparable consumer/business/mortgage product set, serving adjacent southeastern MA markets that overlap with Coastal1's North Attleboro branch.

Broad incumbents

• Cambridge Savings Bank: Larger Massachusetts community savings bank with broader product set including wealth management; operates in the same overall regional banking ecosystem though primarily serves Greater Boston rather than Coastal1's RI/Mass market.
• Citizens Financial Group: Large regional bank with dominant presence across RI and MA; competes directly with Coastal1 for deposits, mortgages, and small-business relationships, though at a substantially larger scale and with a for-profit charter.

Regional players

• East Boston Savings Bank: Massachusetts-based mutual savings bank with consumer and commercial banking products analogous to Coastal1, though primarily serving the North Shore and Greater Boston rather than Coastal1's core southern New England footprint.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Coastal1CreditUnion

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Coastal1 Credit Union