Washington credit union to buy Oregon bank
Richland, Washington-based Gesa Credit Union announced the acquisition of Willamette Valley Bank, expanding into Oregon with four branches in Salem and a loan office in Portland. The $6.8 billion-asset Gesa will assume $465 million in assets and $358 million in deposits, pushing it past $7 billion. Stockholders of Oregon Bancorp will receive $43-$45 per share in cash. The deal, expected to close in the first half of 2027, marks Gesa's second bank purchase after acquiring Security State Bank in 2024. This is at least the fifth whole-bank acquisition by a credit union in 2026, drawing criticism from the Independent Community Bankers of America (ICBA) over credit unions' tax-exempt status. Gesa emphasized its philanthropic commitment, while Willamette Valley's CEO highlighted expanded services and preserved community values. The number of bank-credit union tie-ups has declined from a record 22 in 2024 to 16 in 2025, attributed to increased competition from traditional bank buyers.
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