RICHLAND, Wash.–Two billion-dollar-plus credit unions in Washington announced they have received regulatory and member approval to complete a merger, and now plan to work to integrate systems and also select a name.
As CUToday.info reported, in December of 2018, the $2.2-billion Gesa Credit Union and the $1.3-billion Inspirus Credit Union in Seattle plan to combine, and have now set an Aug. 1 date for the merger to be official. On that date, Inspirus Credit Union will become a division of Gesa Credit Union. Combined, the credit unions, whose headquarters are approximately 200 miles apart, will have 24 branches. Plans call for fully integrating systems during 2020.
Gesa Credit Union President and CEO Don Miller will be the CEO of the combined organization on the legal merger effective date, and executive management from both credit unions will make up the senior leadership team of the new organization. Inspirus Credit Union President and CEO Scott Adkins will be an Executive Vice President in the combined organization. All current Inspirus Credit Union and Gesa Credit Union board members will serve on the combined credit union’s board, the organizations said.
According to the two credit unions, the name for the combined organization has not yet been determined.
Brand Research Study Planned
“Inspirus and Gesa are proud of their individual brands but recognize it may not serve the purposes of a newly created, statewide credit union,” the credit unions said in a statement. “The merged organizations will conduct a comprehensive brand research study to determine the most appropriate and unifying name for the combined organization.”
The credit union said the merger will provide greater value to their combined members, employees, and the communities they serve.
“As the financial services landscape continues to evolve, this merger will give the combined organization the ability to expand member offerings, such as increased access to more products and services, more locations throughout Washington, and enhanced technologies that will provide greater 24/7 convenience,” Inspirus and Gesa said.
“When Scott (Adkins) and I first sat down and talked about merging we quickly realized our credit unions were a great cultural, financial, and strategic fit,” said Miller. “The economy of scale along with the product and service expertise of our combined organizations will provide us a greater opportunity to provide long-term value to our members and communities.”
‘Finding Better Ways’
Added Adkins, “Our board and leadership team have always been committed to finding ways to provide more member value, better serve the Washington education community, and ensure we continue to thrive. Joining forces with Gesa will help us do just that. We have a tremendous amount of respect for Gesa’s board, leadership, and team members and look forward to the future. I also want to thank our Inspirus members and team members for their active participation in the voting process and for their commitment and loyalty to help ensure we will continue to be a thriving financial organization.”
Inspirus CU has approximately 80,000 members and 150 employees, and operates primarily in northwestern Washington markets. Gesa has approximately 166,000 members and 500 employees, and operates primarily in eastern Washington.