North Coast Credit Union will soon expand its presence in Bellingham by taking in Pacific Northwest Credit Union.
Members of Pacific Northwest Credit Union recently voted to merge with the larger credit union. Pacific has one branch at 3250 Northwest Ave. The merger will become official on Thursday, Oct. 1 while a grand opening for the new North Coast branch is planned for the first week of November, according to a news release from North Coast Credit Union.
Pacific Northwest Credit Union has 2,168 members and about $21.1 million in total assets. It employs eight people, all of which have been offered and accepted positions at North Coast Credit Union. Pacific Northwest was formerly Intalco Credit Union.
As of June, North Coast Credit Union has $194.4 million in total assets and 14,345 members, according to data from the National Credit Union Administration.
One factor for the merger was the increased cost and complexity of running a credit union.
“Even though the (Pacific Northwest) credit union had strong capital and we could continue to hold our own, it had become clear to our Board of Directors that we were too small to keep pace with technology and services needed to grow,” said Karin Pelan, president of Pacific Northwest.
Pelan said this is also a positive move for members.
“All of us at Pacific NWCU believe this merger is something to be celebrated. Not only does it solidify our combined credit union’s financial future, we will all benefit from more options for loans, expanded services and additional convenient locations and ATMs,” Pelan said in the news release.