Inspirus Credit Union and Gesa Credit Union Announce Merger Approvals
Merger creates a $3.5B credit union serving more than 246,000 members throughout Washington.
The merger between Inspirus Credit Union and Gesa Credit Union has received regulatory approval, as well as approval by a majority vote of the Inspirus Credit Union membership.
The two organizations plan to be officially merged on Aug. 1. On the official merger date, Inspirus Credit Union will become a division of Gesa Credit Union. Both organizations will continue to serve members “business as usual” at their combined 24 branch locations as they work to fully integrate their systems in late 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 of Directors.
The name for the combined organization has not yet been determined. 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 merged organizations will conduct a comprehensive brand research study to determine the most appropriate and unifying name for the combined organization.
This collaborative partnership between two independently strong, successful credit unions will bring 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.
“When Scott 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.”
Adkins went on to say, “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 Credit Union, based in Seattle, has six locations, more than 80,000 members, $1.3B in assets, and 150 employees. Gesa Credit Union, headquartered in Richland, Washington, has 18 branch locations, 500 employees, over 166,000 members, and $2.2B in assets.