Inspirus, Gesa propose mega credit union merger
Inspirus Credit Union in Tukwila, Wash., has agreed to merge into Gesa Credit Union in Richland, Wash.
The combined organization would have $3.3 billion in assets, making it the second-largest credit union in Washington state, the institutions said on Wednesday. Only the $18.7 billion-asset BECU, also based in Tukwila, would be larger.
The merger should give members of the combined organization access to additional products and services, more branches throughout Washington and enhanced technology, the credit unions said.
The credit unions will conduct brand research to determine a new name for the combined organization, a spokesman said.
The $2 billion-asset Gesa has 17 locations, 500 employees and nearly 159,000 members throughout eastern Washington. The $1.3 billion-asset Inspirus has three locations, nearly 80,000 members and 150 employees.
“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,” Scott Adkins, president and CEO of Inspirus, said in a statement. “With our mission and values aligned, we will continue to help members make the most of their money while honoring the history and heritage of both organizations.”
The two CUs said as the merger process moves forward they will provide information to their respective memberships via their websites and other applicable communication channels. The merger is subject to member and regulatory approval.
Inspirus Credit Union earned roughly $8.8 million in the first nine months of 2018, up about 11 percent from the same period a year earlier, according to call report data.
Gesa Credit Union earned about $14.5 million in the first nine months of the year, an increase of about 42 percent from the same period in 2017, according to call report data.