El PASO, Texas —— GECU Federal Credit Union is reporting it has completed its acquisition of New Mexico-based Bank of the Southwest (BOSW), which is now operating as BOSW by GECU, expanding its presence across the Land of Enchantment.
As the CU Daily reported here, founded in 1992, Bank of the Southwest has approximately $186.8 million in assets and 11 branches.
The combined organization is now a $4.9 billion credit union serving more than 449,000 members nationwide.
GECU said that until the organizations officially combine all products and services, which is expected to be in June 2027, BOSW by GECU will continue to operate separately from GECU regarding branch operations, online service channels, and financial services.
‘Expanded People Helping People Philosophy’
“This acquisition is about growing the credit union movement and expanding our people helping people philosophy,” GECU President and CEO Alex Rascón said in a statement. “BOSW customers will continue to see the same faces they know and trust while gaining access to an expanded range of financial products, services, and digital conveniences. Together, we’re building on BOSW’s longstanding commitment to this community and creating even more opportunities to help individuals, families, and businesses achieve their financial goals.”
The acquisition received official regulatory approval from NCUA, the FDIC and the New Mexico Financial Institutions Division in August 2026.
