Gesa Makes Its Move Into Oregon With Willamette Valley Bank Deal
By CU Today Staff —
RICHLAND, Wash.—The $6.8-billion Gesa Credit Union has agreed to acquire $465-million Willamette Valley Bank, based in Salem, Ore., marking Gesa's first expansion into Oregon through a bank acquisition.
The all-cash transaction is expected to close in the first half of 2027, pending regulatory approval and approval by shareholders of the bank's parent company, Oregon Bancorp Inc., the CU announced.
Under the agreement, Gesa will acquire substantially all of Willamette Valley Bank's assets and assume substantially all of its liabilities. Following the closing, the bank and Oregon Bancorp will dissolve, with remaining assets distributed to shareholders, who are expected to receive an estimated $43 to $45 per share. Willamette Valley Bank's four branches in Linn and Marion counties, along with its Washington County loan office, will remain open with existing staff, and customers will become member-owners of Gesa.
The acquisition gives Gesa its first retail branch network in Oregon while pairing the credit union's scale with Willamette Valley Bank's established presence in the region, the CU said.
"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," Gesa President and CEO Don Miller said. "As a cooperative, Gesa measures itself by what it gives back, and we look forward to bringing that commitment to the Willamette Valley."
Willamette Valley Bank President and CEO Ryan Dempster said the combination will allow the bank to expand products, services and resources while maintaining its community-focused approach.
"Joining forces with Gesa creates new opportunities to expand products, services and resources available to our customers while preserving the community-focused values that have defined Willamette Valley Bank for more than 25 years," Dempster said.
Until the transaction closes, both institutions will continue operating independently, with no immediate changes for members or customers. Any future account changes will be communicated well in advance, the organizations said.
Luse Gorman, PC served as legal counsel and McQueen Financial Advisors served as financial advisor to Gesa Credit Union. Alston & Bird LLP served as legal counsel and Performance Trust Capital Partners, LLC served as financial advisor to Oregon Bancorp, Inc. and Willamette Valley Bank.
Originally reported by CU Today.