Gesa Credit Union and Willamette Valley Bank Announce Acquisition Agreement

Gesa would acquire the Salem-based bank, establishing its first branches in Oregon.

RICHLAND, Wash. and SALEM, Ore., July 21, 2026 /PRNewswire/ -- Gesa Credit Union and Willamette Valley Bank, together with the bank's parent company, Oregon Bancorp, Inc., today announced a definitive agreement for Gesa to acquire the Salem-based community bank, bringing two community-first institutions together to do more for the Willamette Valley than either could alone. Under the agreement, Gesa would acquire substantially all of Willamette Valley Bank's assets and assume substantially all of its liabilities, in an all-cash transaction. The transaction was unanimously approved by the boards of directors of Gesa Credit Union, Willamette Valley Bank, and Oregon Bancorp, Inc. The acquisition is subject to regulatory approval and approval of the Oregon Bancorp, Inc. shareholders. The transaction is expected to be completed in the first half of 2027. Following the completion of the transaction, Willamette Valley Bank and Oregon Bancorp, Inc. will dissolve and the remaining assets will be distributed to the stockholders of Oregon Bancorp, Inc. Subject to the terms of the agreement, shareholders are expected to receive an estimated $43.00 to $45.00 per share.

Willamette Valley Bank opened in Salem in 2000 and spent the next quarter century earning the trust of the businesses and families it serves. Gesa has operated on that same principle since 1953.

The most immediate change for customers after closing would be the name on the door. Willamette Valley Bank's four branches in Linn and Marion counties and its loan office in Washington County, in the Portland metro area, will stay open and staffed by the same teams. At that point, the people who bank there would become member-owners of Gesa.

Together, the organization would give the Willamette Valley a partner with the local roots of a community bank paired with the scale, products, and branch access of one of the Pacific Northwest's largest credit unions. For Gesa, it would mean the credit union's first retail branches in Oregon in its 73-year history.

"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," said Don Miller, President and CEO of Gesa Credit Union. "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."

Last year, that giveback totaled $5.8 million invested across the Pacific Northwest, with free financial education reaching more than 14,000 people and Gesa team members volunteering more than 9,400 hours.

"This partnership brings together two organizations that share a deep commitment to serving customers, supporting local communities, and building long-term relationships," said Ryan Dempster, President and CEO of Willamette Valley Bank. "Joining forces with Gesa creates new opportunities to expand products, services and resources available to our customers while preserving the community-focused values that have defined Willamette Valley Bank for more than 25 years. We are proud of what our team has built and excited about the future we can create together."

Until the transaction closes, both organizations will continue to operate independently, and there is nothing customers or members need to do. Willamette Valley Bank customers would keep banking where they always have, with the people they know, and Gesa members would see no change to their accounts. Any change affecting an account would be communicated in writing, well in advance.

Luse Gorman, PC served as legal counsel and McQueen Financial Advisors served as financial advisor to Gesa Credit Union. Alston & Bird LLP served as legal counsel and Performance Trust Capital Partners, LLC served as financial advisor to Oregon Bancorp, Inc. and Willamette Valley Bank. 

More information is available at gesa.com, and questions may be directed to [email protected].

About Willamette Valley Bank
Willamette Valley Bank is an Oregon-chartered community bank headquartered in Salem, Oregon, with approximately $465 million in assets and $358 million in deposits, four branches in Linn and Marion counties, and a loan office in Washington County. Founded in 2000, the bank serves businesses, families, and communities across the Willamette Valley. The bank was ranked first on American Banker's Top 200 list of publicly traded community banks and thrifts under $2 billion in assets for four consecutive years, the 2019 through 2022 lists. Willamette Valley Bank is a wholly owned subsidiary of Oregon Bancorp, Inc., a publicly traded holding company.

About Gesa Credit Union
Gesa Credit Union is one of Washington's largest credit unions, with approximately $6.8 billion in assets and over 322,000 members across the Pacific Northwest. Founded in 1953 and headquartered in Richland, Washington, Gesa is a full-service financial institution offering consumer, mortgage, business, and government-guaranteed lending products and services, and is the #1 SBA credit union lender in Washington for three consecutive years. Gesa also operates student-run branches at Washington State University and high schools across Washington State. The Gesa Community Foundation, established in 2022, supports Gesa's ongoing commitment to local communities through grants, youth scholarships, and free financial education resources. For more information, visit gesa.com.

Forward-Looking Statements
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as: the businesses of Willamette Valley Bank and Gesa Credit Union may not be integrated successfully, or such integration may take longer to accomplish than expected; disruption from the acquisition may make it more difficult to maintain relationships with customers, team members, or suppliers; the required governmental approvals of the acquisition may not be obtained on the proposed terms and schedule; or Oregon Bancorp, Inc. shareholders may not approve the acquisition — any of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. None of Willamette Valley Bank, Oregon Bancorp, Inc., or Gesa Credit Union undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE Gesa Credit Union