Tesoro Northwest Federal Credit Union of Anacortes is expected to merge with North Coast Credit Union on June 1.
Members of Tesoro Northwest Federal Credit Union approved the merger April 21. It also was approved by the National Credit Union Administration and the state Department of Financial Institutions, North Coast Credit Union said in a news announcement.
Tesoro Northwest Federal Credit Union was founded in 1957 as the Anacortes Shell Federal Credit Union. Its location at 12543 Christianson Road will become the sixth branch for North Coast Credit Union; the others are in Mount Vernon, Sedro-Woolley, Ferndale and two in Bellingham. Employees of the Anacortes branch will be retained and no layoffs are anticipated, the company reported.
Tesoro Northwest reported a net worth of $3.2 million, total loans of $7.7 million and 1,322 members. Bellingham-based North Coast Credit Union reported a net worth of $32.5 million, total loans of $206.5 million and 18,597 members.