RICHLAND, Wash.—Gesa Credit Union has agreed to acquire substantially all of the assets and assume substantially all of the liabilities of Salem, Ore.-based Willamette Valley Bank in an all-cash transaction that will expand the Washington credit union’s footprint into Oregon for the first time.
Willamette Valley Bank has about $465 million in assets and $358 million in deposits. Gesa CU has approximately $6.8 billion in assets and more than 322,000 members.
The transaction, announced jointly by the organizations, is expected to close during the first half of 2027, subject to regulatory approval and approval by shareholders of Oregon Bancorp Inc., the parent company of Willamette Valley Bank.
What Credit Union is Paying
Financial terms of the acquisition were not disclosed. However, under the agreement, Oregon Bancorp shareholders are expected to receive an estimated $43 to $45 per share following completion of the transaction and the subsequent dissolution of both Willamette Valley Bank and Oregon Bancorp. Remaining assets would then be distributed to Oregon Bancorp shareholders, the organization said.
For customers of the bank, the institutions said the most immediate change after closing will be the name on the door. Willamette Valley Bank’s four branches in Linn and Marion counties, along with its loan production office in Washington County in the Portland metropolitan area, will remain open and continue to be staffed by the same employees.
‘Believe What We Believe’
“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,” Gesa President and CEO Don Miller said in a statement. “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.”
Willamette Valley Bank President and CEO Brian Bishop said the two organizations share similar values.
“Joining Gesa allows us to preserve what makes Willamette Valley Bank special while giving our customers access to expanded products, services and technology,” Bishop said in a statement. “Just as importantly, our employees will remain here, continuing to serve the communities and customers they know so well.”
Willamette Valley Bank was founded in Salem in 2000 and serves businesses and families throughout the Willamette Valley. Gesa was founded in 1953.
Luse Gorman PC acted as legal counsel to Gesa CU, and McQueen Financial Advisors served as the credit union’s financial adviser. Alston & Bird LLP acted as legal counsel, and Performance Trust Capital Partners LLC served as financial adviser to Oregon Bancorp and Willamette Valley Bank.
