Gesa Credit Union based in Richland, Wash., said on July 21 it is acquiring the Willamette Valley Bank and its parent company, Oregon Bancorp, Inc.
Under the agreement, Gesa would acquire substantially all of Willamette Valley Bank’s assets and assume substantially all its liabilities, in an all-cash transaction. Shareholders are expected to receive an estimated $43.00 to $45.00 per share.
Gesa Credit Union first opened in 1953. It is one of Washington’s largest credit unions, with approximately $6.8 billion in assets and over 322,000 members across the Pacific Northwest.
Willamette Valley Bank opened in Salem, Ore., in 2000. It has approximately $465 million in assets and $358 million in deposits with four branches in Linn and Marion counties, and a loan office in Washington County. Willamette Valley Bank’s four branches in Linn and Marion counties and its loan office in Washington County will stay open and staffed by the same teams.
However, after the deal closes, the people who bank there would become member-owners of Gesa. These would be Gesa’s first retail branches in Oregon in its 73-year history.
“In Willamette Valley Bank, we found people who believe what we believe, that a financial institution exists to support the people and communities it serves,” Don Miller, president and CEO of Gesa Credit Union, said. “As a cooperative, Gesa measures itself by what it gives back, and we look forward to bringing that commitment to the Willamette Valley, alongside the local team that has served these communities for a generation.”
Until the transaction closes, both organizations will continue to operate independently, and there is nothing customers or members need to do.
“This partnership brings together two organizations that share a deep commitment to serving customers, supporting local communities, and building long-term relationships,” Ryan Dempster, president and CEO of Willamette Valley Bank, said. “Joining forces with Gesa creates new opportunities to expand products, services and resources available to our customers while preserving the community-focused values that have defined Willamette Valley Bank for more than 25 years. We are proud of what our team has built and excited about the future we can create together.”
The transaction was unanimously approved by the boards of directors of Gesa Credit Union, Willamette Valley Bank, and Oregon Bancorp. The acquisition is subject to regulatory approval and approval of the Oregon Bancorp shareholders. The transaction is expected to be completed in the first half of 2027.
Following the completion of the transaction, Willamette Valley Bank and Oregon Bancorp, Inc. will dissolve and the remaining assets will be distributed to the stockholders of Oregon Bancorp.