To grow and compete against even larger and more aggressive large credit unions, Gulf Coast Federal Credit Union announced in August 2021 that it would be converting from a community charter to a far broader multiple common bond charter. The shift will permit Gulf Coast to significantly expand on its potential field of membership to power growth.
Gulf Coast CEO Jeremy Garza told the American Banker: “We’ve had larger credit unions coming in within the last three or four years that are multibillion-dollar institutions. We felt that if we’re going to continue to grow … we wanted to definitely look into other areas.”
