Gesa will be state’s 2nd largest credit union after merger

Gesa Credit Union will become Washington’s second largest credit union when it merges with a Seattle-based credit union this spring.

Gesa, with 159,000 customers and $2 billion in assets, is merging with Seattle-based Inspirus Credit Union, which has 80,000 customers and $1.3 billion.

In a joint news release, Gesa and Inspirus said the merger will lead to greater efficiency and better services for customers. There are no plans to close any of the 17 Gesa locations or three Inspirus branches.

The merger is subject to regulatory approval but is expected to close in April, making it the largest behind BECU or Boeing Employees Credit Union, which has nearly $19 billion in assets.

Gesa’s Don Miller will serve as the chief executive officer of the merged organization, whose name has not been selected. Ispirus CEO Scott Adkins will become a senior executive.

The merger comes as Gesa faces heightened competition from Tri-City newcomer STCU.

STCU, formerly Spokane Teachers Credit Union, opened a Kennewick office in 2018 and debuts at Queensgate in Richland on Jan. 7. With $2.8 billion in assets, STCU is currently Washington’s third largest credit union.

Inspirus, formerly School Employees Credit Union of Washington, was established in 1936 by a math and journalism teacher operating out of the Seattle Public Library.

The General Electric Supervisor’s Association formed Gesa Federal Credit Union in 1953 to serve exempt employees of the Hanford contractor.

This story was originally published January 2, 2019 at 3:46 PM.