Coastal Federal Bank

Organized in 1954 by a group of community leaders in Myrtle Beach, South Carolina, Coastal Federal Bank was founded from the belief that the community needed a locally-based lending institution to serve the unique needs of its residents.

Initially, Coastal Federal accepted time deposits, paid interest and loaned money. After the devastation of Hurricane Hazel in October 1954, Coastal Federal led the rebuilding efforts of the community by offering lending options at reasonable rates.  It was at that time that Coastal Federal dramatically benefited and began to prosper.

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In 1989, Coastal Federal began selling stock, in order to raise enough capital to provide new services, expand facilities and grow. At that time a holding company, Coastal Financial Corporation was formed. As Coastal Federal continues to grow and prosper, it never forgets those in the community who benefit from their services.

For those customers interested in consolidating their high-interest credit card balances and other debt, Coastal Federal offers an attractive option with their Home Equity Line of Credit.  For homeowners with good credit, and equity in their home, a home equity line of credit allows you to use only the money you need, when you need it.  The features and benefits of a home equity line of credit program include:

• Provides the ability to utilize the equity built up in your permanent residence as collateral;
• Pay interest only on the amount you use;
• Interest may be tax deductible (consult your tax advisor);
• Obtain funds at any time, simply by writing a check;
• The principal may also be paid down at any time, and you can reuse the funds;
• Use the auto-payment option to have your payment deducted from your checking account.

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