Inspirus Credit Union and Gesa Credit Union announced this week that the two Washington-based credit unions plan to merge into one.
The move is subject to regulatory approvals and a vote by Inspirus credit union’s members.
According to a statement released Wednesday, the merger does not represent a buy out or acquisition, but is being characterized as partnership between two financially strong credit unions.
“As the financial services landscape continues to evolve, this 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,” according to the press release.
If finalized, the merger would make the combined organization the second largest credit union in Washington Statewith assets of $3.3 billion.
Don Miller, President/CEO of Gesa Credit Union adds, “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 adds, “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.”
As the merger process moves forward, both Gesa and Inspirus will provide information to their respective memberships via their websites (www.inspiruscu.org and www.gesa.com), and other applicable communication channels.
ED Note. We originally reported the story as the approval was subject to a vote by both Credit Union’s members instead of just Inspirus members.