The merger is not structured as a buy out or acquisition but represents a collaborative partnership between the two Washington-based credit unions.
Both unions’ boards of directors and leadership believe, as the financial services landscape continues to evolve, the 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.
Scott Adkins, president and CEO of Inspirus, said, “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. 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.”
If finalized, the merger would create the second largest credit union in Washington State, with assets of $3.3 billion.
“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, Gesa president and CEO. “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.”
Based in Seattle, Inspirus Credit Union has three locations, 150 employees, nearly 80,000 members and $1.3B in assets.
Headquartered in Richland, WA, Gesa Credit Union has 17 locations and nearly 159,000 members throughout Eastern Washington, along with $2 billion in assets.