Inspirus Credit Union and Gesa Credit Union Announce Merger Approvals
Merger creates $3.5 billion credit union, serving more than 246,000 members throughout Washington
RICHLAND, Wash., August 2, 2019 (Newswire.com) - Inspirus Credit Union and Gesa Credit Union have announced their merger 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 August 1, 2019. 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.
Don Miller, President and CEO of Gesa Credit Union stated, “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. 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.”
Scott Adkins President and CEO of Inspirus Credit Union commented, “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.” Adkins goes on to say, “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.”
Media Contact: Jessica Richardson-Isenegger, Infusion Group
Inspirus Credit Union
Inspirus Credit Union is based in Seattle, Washington. With six locations, more than 80,000 members, $1.3 billion in assets, and 150 employees, Inspirus has served members with a passion for education since 1936. As a community-based organization with roots in serving the education industry, Inspirus Credit Union gave more than $650,000 alone in 2018 in support of a multitude of education initiatives such as DonorsChoose.org, Green River College, and DECA.
Gesa Credit Union
Gesa Credit Union is headquartered in Richland, Washington and has 18 branch locations, 500 employees, and over 166,000 members throughout eastern Washington. At $2.2 billion in assets, Gesa has a rich history of providing their membership convenient access to an array of consumer, mortgage, and business products and services. A community-based organization with a focus on “people helping people,” Gesa’s commitment to the local communities resulted in over $1 million in local support for over 100 organizations in 2018.
Source: Inspirus Credit Union