A Bellingham credit union is acquiring another financial firm, adding one more branch
North Coast Credit Union continues to grow, this time through the acquisition of an Anacortes financial firm.
In a news release North Coast announced that it has merged with Tesoro Northwest Federal Credit Union, giving the Bellingham credit union a third branch in Skagit County. The deal officially closes on Tuesday, June 1.
The Anacortes location at 12543 Christianson Road will be the sixth branch for North Coast Credit Union, which has two branches in Bellingham and one apiece in Ferndale, Mount Vernon and Sedro-Woolley.
“This merger will provide us increased capital and financial strength, ensuring long-term sustainability,” said Marilyn Brink, president and CEO of North Coast Credit Union in the news release. “Merging these two strong organizations will combine shared values and will provide members additional financial protection against future economic downturns.”
At the end of 2020 North Coast Credit Union had a net worth of $32.5 million, total loans of $206.5 million and 18,597 members. On the same date, Tesoro Northwest Federal Credit Union had a net worth of $3.2 million, total loans of $7.7 million and 1,322 members.
This is the second merger of this type in recent years for North Coast. In 2015 the credit union took in Pacific Northwest Credit Union.
The Anacortes institution began in 1957 as the Anacortes Shell Federal Credit Union. In 1999 the credit union changed its name to Tesoro Northwest Federal Credit Union since the refinery was sold to Tesoro.
The federal charter of Tesoro Northwest Federal Credit Union allows only employees of Tesoro (now Marathon) to be members of the credit union, according to the news release. However, North Coast Credit Union has a community charter that welcomes all Tesoro Northwest Federal Credit Union members as well as anyone who lives in Anacortes to become a member.
For more information about North Coast Credit Union, call 800-696-8830 or visit northcoastcu.com.
