Gesa Credit Union to Acquire Willamette Valley Bank

Under the terms of the definitive agreement, Gesa will acquire substantially all assets and assume the liabilities of the Salem-based institution. For shareholders of Oregon Bancorp, Inc., the parent company of Willamette Valley Bank, the deal is projected to yield between $43.00 and $45.00 per share. Upon finalization, the bank will dissolve, and its remaining assets will be distributed to stockholders.

The acquisition marks a significant expansion for Gesa, which has operated since 1953 but maintains its retail presence exclusively in Washington. The transition will see Willamette Valley Bank’s four branches in Linn and Marion counties, alongside its Portland-area loan office, rebranded under the Gesa name. Current staff will remain in place to ensure continuity for existing customers, who will transition into member-owners of the credit union.

Leadership from both organizations emphasized a shared focus on community-first banking. Don Miller, CEO of Gesa, noted that the move aligns with the credit union's cooperative model, while Ryan Dempster, President of Willamette Valley Bank, highlighted the potential for expanded resources for their customers. Until the deal officially closes in 2027, both institutions will continue to operate independently with no immediate changes to accounts or services.