Seattle skyline (Image: Shutterstock).
Gesa Credit Union and Inspirus Credit Union said Wednesday they intend to merge next year, which will create the second largest cooperative in Washington that will manage $3.3 billion in assets, serve 242,612 members, employ 625 staffers and operate 22 branches.
If the consolidation is approved by members and regulators, Don Miller will become the president/CEO of the merged organization while Scott Adkins, Inspirus' president/CEO, will continue to serve as a senior executive, the credit unions said in a joint statement.
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"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," Adkins said. "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."
Although the Seattle-based Inspirus and Gesa in Richland said in a prepared statement that they are proud of their individual brands, they recognize it may not serve the purposes of a newly created, statewide credit union. For this reason, the credit unions will conduct a comprehensive brand research study to determine the most appropriate and unifying name for the combined organization.
"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 said. "There are a lot of benefits that result from leveraging the combined resources and strengths of our two healthy, well-run credit unions."
At the end of the third quarter, the $2 billion Gesa CU posted an ROAA of 0.99% with a 12-month growth rate of 8.95% and $200 million in capital.
The $1.3 billion Inspirus CU recorded an ROAA was 0.91% with a 12-month growth rate of 12.89% and $139 million in capital at the end of the third quarter.
If members and regulators give the merger the green light, it could be finalized by April.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
