Anacortes credit union cites benefits of merging with North Coast
Tesoro Northwest Federal Credit Union of Anacortes recently merged with North Coast Credit Union, citing numerous benefits of joining the larger entity.
Members of Tesoro Northwest Federal Credit Union approved the merger in a special meeting April 21. The merger also was approved by the National Credit Union Administration and the Washington State Department of Financial Institutions and will become effective June 1.
As of Dec. 31, 2020, Bellingham-based 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.
The Anacortes location at 12543 Christianson Road will be the sixth branch for North Coast Credit Union, which has branches in Mount Vernon (opened in 1985), Sedro-Woolley (2007), Ferndale and two in Bellingham. Current Anacortes employees will be retained and no layoffs are anticipated.
The Tesoro Northwest Federal Credit Union board said its members will benefit from the merger. It cited the ability to access home mortgage loans, checking accounts and debit cards, plus the opportunity to obtain services at other North Coast Credit Union branches closer to where they live.
“It has become apparent in the last few years that TNWFCU needs a strategic reset to adequately meet the financial needs of our members,” said Jeannie Potter, CEO of Tesoro Northwest Federal Credit Union. “Merging with NCCU provides the best path forward to meet those needs.”
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.
“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. “Merging these two strong organizations will combine shared values and will provide members additional financial protection against future economic downturns.”
The federal charter of Tesoro Northwest Federal Credit Union allows only employees of Tesoro (now Marathon) to be members of the credit union. 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 www.northcoastcu.com.