Here’s something you don’t see every day: a credit union and a community bank deciding they’re better together than apart.
Gesa Credit Union just announced it’s acquiring Salem-based Willamette Valley Bank in an all-cash deal that’ll plant Gesa’s flag in Oregon for the first time in its 73-year history.
The transaction got the green light from all the right people—boards at Gesa, Willamette Valley Bank, and the bank’s parent company Oregon Bancorp all voted unanimously to make it happen. Now they’re just waiting on regulatory approval and a thumbs-up from Oregon Bancorp shareholders. If everything goes according to plan, the deal should close sometime in the first half of 2027.
What’s Changing (Spoiler: Not Much)
If you’re a Willamette Valley Bank customer wondering whether you need to panic, take a breath. The short answer is no, nothing changes right now. Both organizations will keep doing their thing independently until the deal closes.
When it does close, the biggest difference you’ll notice is the name on the building. Willamette Valley Bank’s four branches in Linn and Marion counties, plus its loan office in Washington County near Portland, will all stay open with the same staff you already know. The people banking there will just become member-owners of Gesa—which is credit union speak for having a stake in the organization.
Why This Deal Makes Sense
Think of it like this: Willamette Valley Bank has spent 25 years since opening in 2000 building trust with local businesses and families. Gesa’s been at it even longer, since 1953. Now they’re combining the local expertise of a community bank with the resources and reach of one of the Pacific Northwest’s largest credit unions.
“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,” said Don Miller, President and CEO of Gesa Credit Union. “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.”
That “giving back” isn’t just talk. Last year alone, Gesa invested $5.8 million across the Pacific Northwest, delivered free financial education to more than 14,000 people, and logged over 9,400 volunteer hours from its team members.
What’s In It for Shareholders and Customers
Under the deal terms, Gesa will acquire substantially all of Willamette Valley Bank’s assets and take on substantially all of its liabilities. Once everything’s finalized, both Willamette Valley Bank and Oregon Bancorp will dissolve, with remaining assets distributed to Oregon Bancorp shareholders—who are expected to receive an estimated $43 to $45 per share.
Ryan Dempster, President and CEO of Willamette Valley Bank, sees the partnership as a win for everyone involved. “This partnership brings together two organizations that share a deep commitment to serving customers, supporting local communities, and building long-term relationships,” he 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.”
The Bottom Line
Until the deal closes—again, looking at early to mid-2027—Willamette Valley Bank customers should continue business as usual with the same people at the same locations. Gesa members won’t see any changes to their accounts.
For those keeping score at home: Luse Gorman and McQueen Financial Advisors advised Gesa on the deal, while Alston & Bird and Performance Trust Capital Partners handled things for Oregon Bancorp and Willamette Valley Bank.
Related:
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Gesa Credit Union Partners with Selah School District to Launch Student-Run High School Credit Union and New Fundraising Affinity Debit Card