Washington State Credit Union Plans to Buy Washington State Bank
If approved by regulators and shareholders, Gesa CU expects to close its acquisition of Security State Bank in 2025.
The $5.5 billion Gesa Credit Union in Richland, Wash., said Thursday it plans to acquire the $598 million Security State Bank in Centralia, Wash.
Financial terms of the definitive agreement were not disclosed.
If approved by regulators and shareholders, the deal is expected to close in 2025.
Founded in 1903, Security State Bank’s 100 employees manage $499 million in deposits and $233 million in loans, and run 12 branches that serve more than 13,000 customers.
Chartered in 1953, Gesa’s 815 employees manage $561 million in deposits and $4.2 billion in loans, and run 32 locations that serve more than 289,000 members.
“Both Gesa and Security State Bank have shared the same values for over 70 years, with an unwavering dedication to the communities we serve,” Gesa President/CEO Don Miller said in a prepared statement. “This shared commitment has brought us together and fueled our decision to enter this agreement, acting as a catalyst for Gesa to continue to expand our footprint and service in the Pacific Northwest. We are truly excited about the prospect of empowering new communities and assisting more people on their financial journeys.”
The bank’s branches are located in Lewis, Thurston, Pacific and Grays Harbor counties.
“Security State Bank has been a steadfast supporter of the communities that we serve for more than 120 years now, and we have earned the trust of both our customers and our employees during this long time,” Security State Bank President Dwayne Aberle said. “In today’s ever-increasingly competitive banking environment, we feel that this transaction will provide uncountable benefits to these same communities, customers and employees that we have dedicated our long tenure to, and we thank them all for that trust that they have placed in us over all these years. We are excited to partner with Gesa Credit Union in this transaction, with the expanded products, services, locations and offerings that they will bring to our customers and employees.”