Combined entity will provide more innovative financial solutions and services across Texas and New Mexico communities
GECU announced that it has entered into a definitive agreement to acquire substantially all the assets and all the liabilities of Bank of the Southwest, a New Mexico-based bank operating in 11 locations throughout New Mexico, in an all-cash transaction. Following completion of the acquisition, which is subject to approval from the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC) and the New Mexico Financial Institutions Division, the combined entity is projected to emerge as a $4.7B organization serving more than 440,000 members and customers. The proposed acquisition received the unanimous support of GECU’s and Bank of the Southwest’s Boards of Directors and their respective leadership teams.
Members and customers will experience no immediate changes as the two organizations will operate independently, pending regulatory approval and satisfaction of other closing conditions. Upon completion of the transaction and systems integration, the combined organization will operate under GECU’s name. The President and CEO of GECU, Crystal Long, will lead the new entity.
“We have a vision of expanding our positive impact to help even more people and families on their financial journey and this acquisition brings us closer to this mission,” said Crystal Long, President and CEO of GECU. “Bank of the Southwest has been a cornerstone of the New Mexico financial community, and we look forward to building on their legacy by offering our range of exceptional financial products and services and instilling our people helping people philosophy.”
K. Andrew Hogan, CEO of Bank of the Southwest, commented, “We’re excited to join GECU as they expand in New Mexico. GECU’s commitment to employees, members, and communities aligns perfectly with our values at Bank of Southwest. Together we look forward to enhancing our ability to expand commercial lending and our offerings to more communities in New Mexico with GECU’s robust products and services and advanced technology solutions.”
Doeren Mayhew Advisors, LLC is serving as financial advisor and Luse Gorman, PC is serving as legal counsel to GECU. Olsen Palmer LLC is serving as financial advisor and Fenimore Kay Harrison LLP is serving as legal counsel to Bank of Southwest.