#United States #Salem #Gesa Credit Union #Willamette Valley Bank #Oregon Bancorp

Gesa Credit Union Moves Forward with Willamette Valley Bank Acquisition

Gesa Credit Union and Willamette Valley Bank, together with Oregon Bancorp, Inc., have made headlines today with their recent announcement of a definitive acquisition agreement. Gesa Credit Union, based in Richland, Washington, is poised to acquire Willamette Valley Bank, a community-focused bank headquartered in Salem, Oregon, in a significant move that will solidify Gesa's foothold in Oregon.

The Acquisition Details

The announcement revealed that Gesa plans to acquire substantially all of Willamette Valley Bank's assets and assume most of its liabilities in an all-cash transaction, pending regulatory approval and the nod from Oregon Bancorp, Inc. shareholders. The acquisition is set to be completed by the first half of 2027. This agreement comes after both organizations’ boards unanimously approved the transaction, highlighting their commitment to serving their respective communities.

This acquisition represents an exciting step for both Gesa and Willamette Valley Bank. For Gesa, it marks the first time they will establish retail branches in Oregon since their inception in 1953. Willamette Valley Bank has a long-standing history in the region, having opened its doors in 2000 and earning credibility among local businesses and families.

A Continued Commitment to Community

Once the acquisition is finalized, customers of Willamette Valley Bank will notice a change in signage, but they will continue to be served by the same teams they know and trust. All four branches located in Linn and Marion counties, along with a loan office in Washington County, will remain operational and fully staffed. Notably, these customers will transition into member-owners of Gesa, allowing them to benefit from Gesa Credit Union’s community-first approach.

Don Miller, President and CEO of Gesa Credit Union, expressed enthusiasm over this collaboration, stating, "In Willamette Valley Bank, we found people who believe what we believe, that a financial institution exists to support the people and communities it serves." This shared vision emphasizes the mutual goal of both institutions: to provide exceeding support to the communities they serve.

In the past year, Gesa invested approximately $5.8 million across the Pacific Northwest, focusing on community engagement, education, and volunteer work. This collaborative partnership aims to resonate even deeper within the Willamette Valley community.

Future Prospects and Reassurances

Ryan Dempster, President and CEO of Willamette Valley Bank, reiterated the importance of this partnership, stating it would help expand both organizations' product offerings and resources while maintaining the community-focused values that have defined Willamette Valley Bank for over 25 years. This merger emphasizes the intention of creating more opportunities for residents and ensuring that local commitments remain at the forefront.

While the acquisition transition will take place, both Gesa and Willamette Valley Bank will continue their independent operations until the official closure of the transaction. During this period, customers of Willamette Valley will experience no immediate changes to their banking experiences, and Gesa's members will face no disruptions in account management. Any significant changes will be communicated well in advance, ensuring a seamless transition process for all involved.

In this era of financial collaboration, the acquisition stands out as a meaningful and beneficial move for both institutions as they unite to strengthen the roots of banking in their respective communities. The synergy of these community-oriented institutions is expected to foster enhanced relationships and better financial services for local populations.

By embedding themselves more deeply into the fabric of the Willamette Valley, Gesa aims to meet the changing needs of the community while bolstering its mission as a cooperative financial institution. The anticipated high-level of integration could very well set a new standard in community banking as they embark on this exciting journey together, paving the way for continued growth and service excellence.

For more information on this acquisition and Gesa Credit Union's mission, please visit gesa.com.