Gesa Credit Union and Inspirus Credit Union Announce Merger
The planned partnership would leverage the credit unions’ combined resources to better serve members as Washington’s second-largest financial cooperative.
Gesa Credit Union and Inspirus Credit Union have made plans to merge in 2019, a move that would create Washington’s second largest credit union with $3.3 billion in assets and 22 branches.
Pending approval by members and regulators, Gesa CEO Don Miller will become President and CEO. Inspirus President and CEO, Scott Adkins, will serve as a senior executive of the merged organization.
The Board of Directors and leadership teams of both credit unions recognize they can better serve their respective memberships and better provide the ability to expand their products and services throughout Washington by working together, the credit unions said in a joint press release.
“After careful consideration, the Board of Directors and I agree that 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,” said Adkins. “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.”
Unlike a buy out or acquisition, the merger reflects a true partnership between the two credit unions, committed to providing their members with the highest value in financial services. The credit unions took time to evaluate their combined potential to expand products and services, increase efficiencies, add locations, reduce costs, and enhance technologies.
The merger will provide both credit unions long-term growth and sustainability as strong, viable financial organizations while providing more opportunities for members and employees.
“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,” Miller said. “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.”
A new name for the combined organization has not been determined. Both credit unions are proud of their individual brands, but recognize it may not serve the purposes of a newly created, statewide credit union. For these reasons, a comprehensive brand research study will be conducted to determine the most appropriate and unifying name for the combined organization. It is anticipated the merger will be finalized by April 2019, with systems fully integrated in 2020.