RICHLAND, Wash.–Two Washington credit unions have announced plans to merge and form a multi-billion institution. The $2-billion GESA Credit Union here and the $1.3-billion Inspirus Credit Union, Seattle, said they plan to combine and will now seek regulatory approval and a vote by members.
“This merger represents a true collaborative partnership between two financially strong credit unions committed to providing their members with the highest value in financial services,” the credit unions said in a statement. “The boards of directors and leadership of both Inspirus Credit Union and Gesa Credit Union recognize they can better serve the memberships of both credit unions together. As the financial services landscape continues to evolve, this merger will give the combined organization the ability to expand what it offers members such as access to more products and services, more locations throughout the state of Washington, reduced costs and enhanced technologies that will provide greater 24/7 convenience.”
If finalized, the merger would make the combined CU he second largest credit union in Washington State after BECU with assets of $3.3 billion. In a statement, the CUs said the merger will “open the door for increased efficiency, allowing for even higher levels of member and community giveback.”
‘Careful Consideration’
Scott Adkins, president/CEO of Inspirus Credit Union said the merger is proceeding after “careful consideration,” adding, “…this partnership with Gesa Credit Union will bring more value to our members, provide opportunities for employees, and make a greater impact on the communities we serve. With our mission and values aligned, we'll continue to help members make the most of their money while honoring the history and heritage of both organizations."
Gesa CU is located in South Central Washington and has 17 branches to serve approximately 159,000 members. Inspirus is located 200 miles to the northwest in Seattle where it serves approximately 80,000 members. Between them, the two CUs have approximately 600 employees.
‘Much Greater Presence’
"This merger represents a much greater presence across Washington and will provide enhanced capabilities and other significant benefits for our combined memberships and the communities we serve,” said Don Miller, president/CEO of Gesa Credit Union. “There are a lot of benefits that result from leveraging the combined resources and strengths of our two healthy, well-run credit unions. Whether it's access to more branches for members, more opportunities for employees or more community impact, Gesa Credit Union and Inspirus Credit Union are better together."
The credit unions, which did not release details on the plan for the name of the merged institution or any management changes, said they will update members on progress on the merger using their websites.