California Coast Credit Union - Amended Notice of Annual Meeting

Amended Notice of Annual Meeting Amended Notice of Annual Meeting

Amended Notice of Annual Meeting of the Members of California Coast Credit Union

As previously noticed, California Coast’s Annual Meeting will take place on Thursday, March 13, 2008 at 4:00 p.m. on the 3rd floor of our Administration Building, located at 9201 Spectrum Center Blvd. in Kearny Mesa.

At the meeting credit union officials will present year-end reports. Elections for positions on the Board of Directors and Supervisory Committee will also be held. Nominees for the three Board of Directors positions are Kerry Flanagan, Scott Himelstein, and Frederick Schwartz. Nominees for the two Supervisory Committee positions are Beverly Lytton and Ross White.

In addition to the above, the Board of Directors of the Credit Union will present the following new business. In order to modernize the Credit Union’s Bylaws to provide more flexibility the Credit Union proposes amending the Bylaws to change from a fixed number of Directors (currently the Bylaws allow only for a fixed number of nine (9) Board members), to a range (allowing for the Board to set an odd number of Directors between five (5) and (13)) and to provide for the staggering of terms.

Accordingly, the membership, in person and by proxy, will vote on amending the Bylaws of California Coast Credit Union for the purpose of authorizing a range of Board of Director positions and that terms of office are staggered. The Proposed language is as follows:

Proposed language:

“SECTION 600. NUMBER OF MEMBERS, QUALIFICATIONS, COMPENSATION. The Board of Directors shall consist of an odd number of directors of not less than five (5), and no more than thirteen (13), each of whom shall be a member of this credit union in his or her own right and shall be at least eighteen (18) years of age. Within the foregoing range, the number of directors may be changed by resolution of the Board. A copy of the resolution of the Board fixing the number of directors at any one time shall be filed with the official copy of the bylaws of this Credit Union, and shall be filed with the Commissioner of the Department of Financial Institutions. No member of the Board of Directors shall serve as a member of the supervisory committee and/or the Credit Manager or loan officer; nor receive compensation for his or her services as a director. A director may be compensated for actual services performed as an employee of this Credit Union pursuant to Section 14410(c) of the California Financial Code.

SECTION 601. TERM OF OFFICE. Directors shall be elected by the members at their annual meeting and shall be elected for a period of three (3) years. The directors’ terms of office shall be staggered so that insofar as possible an equal number of such terms shall expire each year. Unless sooner suspended or removed as provided for in the California Credit Union Law or these bylaws, members of the Board of Directors shall serve from the time of their election for a period of three (3) years and until their successors shall have been elected.”

All eligible members are welcome to attend and vote. Please call (858) 636-4253 to R.S.V.P.