EL PASO, Texas — GECU said it has received regulatory approvals to acquire Bank of the Southwest, clearing the way for the institutions to legally combine Nov. 1 and create a $4.9 billion credit union serving more than 449,000 members, according to a statement from GECU.
The El Paso-based credit union said the transaction has received approval from the National Credit Union Administration, Federal Deposit Insurance Corp. and New Mexico Regulation and Licensing Department’s Financial Institutions Division.
The institutions will legally combine under the GECU name. GECU and Bank of the Southwest are expected to continue operating as separate divisions during the integration process, the credit union said.
GECU has $4.8-billion in assets and 433,000 members. Founded in 1992, Bank of the Southwest has $186.8 million in assets and 11 branches.
‘Shared Commitment’
GECU President and CEO Alex Rascón will remain president and CEO of the combined organization.
“This milestone reflects our shared commitment to serving our employees, members, customers, and communities with integrity,” Rascón said in the statement. “By bringing together the strengths of our two organizations, we are creating an even stronger financial partner for the communities we serve.”
Rascón said the combination will expand access to financial products, services and expertise for individuals, families and businesses.
GECU, which operates in Texas and New Mexico, describes itself as one of the largest locally owned federal credit unions in the two states.
Status Following Acquisition
Following completion of the acquisition, GECU said the combined institution will have:
- $4.9 billion in assets
- More than 449,000 members
- GECU as the surviving name
- Rascón as president and CEO
- GECU and Bank of the Southwest operating as separate divisions during the integration period.
The credit union did not specify in its announcement how long the integration is expected to take or when Bank of the Southwest locations will be converted to the GECU brand.
