Gesa Credit Union to Acquire Willamette Valley Bank, Expanding into Oregon

Gesa Credit Union and Willamette Valley Bank, along with Oregon Bancorp, Inc., have entered into a definitive agreement for Gesa to acquire the Salem-based community bank. This acquisition marks Gesa's first expansion into Oregon, bringing together two institutions focused on community service.

The transaction, approved by the respective boards of directors, will see Gesa acquire substantially all of Willamette Valley Bank's assets and assume its liabilities in an all-cash deal. The acquisition is subject to regulatory and shareholder approval from Oregon Bancorp, Inc. and is expected to close in the first half of 2027. Following the closure, Willamette Valley Bank and Oregon Bancorp, Inc. will dissolve, with shareholders of Oregon Bancorp, Inc. expected to receive approximately $43.00 to $45.00 per share.

Willamette Valley Bank, established in Salem in 2000, has built trust with local businesses and families. Gesa, founded in 1953, operates on similar community-first principles. Post-acquisition, Willamette Valley Bank's four branches in Linn and Marion counties and its loan office in Washington County will remain open with their current teams. Customers will become member-owners of Gesa.

The combined entity aims to provide the Willamette Valley with a partner combining local community roots with the scale and resources of a larger credit union. For Gesa, this represents establishing its first retail branches in Oregon in its 73-year history. Both organizations will continue to operate independently until the transaction is completed.

Gesa Credit Union is one of Washington's largest credit unions, with approximately $6.8 billion in assets and over 322,000 members. Willamette Valley Bank held approximately $465 million in assets.