Gesa Credit Union and Willamette Valley Bank Announce Acquisition Agreement
RICHLAND, Wash. and SALEM, Ore. (July 21, 2026) — Gesa Credit Union and Willamette Valley Bank, togetherwith the bank’s parent company, Oregon Bancorp, Inc., today announced adefinitive agreement for Gesa to acquire the Salem-based community bank,bringing two community-first institutions together to do more for theWillamette Valley than either could alone. Under the agreement, Gesa wouldacquire substantially all of Willamette Valley Bank’s assets and assumesubstantially all of its liabilities, in an all-cash transaction. The transaction was unanimously approved bythe boards of directors of Gesa Credit Union, Willamette Valley Bank, andOregon Bancorp, Inc. The acquisition is subject to regulatory approval andapproval of the Oregon Bancorp, Inc. shareholders. The transaction is expected to be completedin the first half of 2027. Followingthe completion of the transaction, Willamette Valley Bank and Oregon Bancorp,Inc. will dissolve and the remaining assets will be distributed to thestockholders of Oregon Bancorp, Inc. Subject to the terms of the agreement,shareholders are expected to receive an estimated $43.00 to $45.00 pershare.
Willamette Valley Bank opened in Salem in2000 and spent the next quarter century earning the trust of the businesses andfamilies it serves. Gesa has operated on that same principle since 1953.
The most immediate change for customersafter closing would be the name on the door. Willamette Valley Bank’s fourbranches 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. Atthat point, the people who bank there would become member-owners of Gesa.
Together, the organization would give theWillamette Valley a partner with the local roots of a community bank pairedwith the scale, products, and branch access of one of the Pacific Northwest’slargest credit unions. For Gesa, it would mean the credit union’s first retailbranches in Oregon in its 73-year history.
"In Willamette Valley Bank, we foundpeople who believe what we believe, that a financial institution exists tosupport the people and communities it serves," said Don Miller, Presidentand CEO of Gesa Credit Union. "As a cooperative, Gesa measures itself bywhat it gives back, and we look forward to bringing that commitment to theWillamette Valley, alongside the local team that has served these communitiesfor a generation."
Last year, that giveback totaled $5.8million invested across the Pacific Northwest, with free financial educationreaching more than 14,000 people and Gesa team members volunteering more than9,400 hours.
“This partnership brings together twoorganizations that share a deep commitment to serving customers, supportinglocal communities, and building long-term relationships," said RyanDempster, President and CEO of Willamette Valley Bank. "Joining forceswith Gesa creates new opportunities to expand products, services and resourcesavailable to our customers while preserving the community-focused values thathave defined Willamette Valley Bank for more than 25 years. We are proud ofwhat our team has built and excited about the future we can create together.”
Until the transaction closes, bothorganizations will continue to operate independently, and there is nothingcustomers or members need to do. Willamette Valley Bank customers would keepbanking where they always have, with the people they know, and Gesa memberswould see no change to their accounts. Any change affecting an account would becommunicated in writing, well in advance.
Luse Gorman, PC served as legal counseland McQueen Financial Advisors served as financial advisor to Gesa CreditUnion. Alston & Bird LLP served aslegal counsel and Performance Trust Capital Partners, LLC served as financialadvisor to Oregon Bancorp, Inc. and Willamette Valley Bank.
More information is available at gesa.com,and questions may be directed to WVB@gesa.com.
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AboutWillamette Valley Bank
Willamette Valley Bank is anOregon-chartered community bank headquartered in Salem, Oregon, withapproximately $465 million in assets and $358 million in deposits, fourbranches in Linn and Marion counties, and a loan office in Washington County.Founded in 2000, the bank serves businesses, families, and communities acrossthe Willamette Valley. The bank wasranked first on American Banker’s Top 200 list of publicly traded communitybanks and thrifts under $2 billion in assets for four consecutive years, the2019 through 2022 lists. Willamette Valley Bank is a wholly owned subsidiaryof Oregon Bancorp, Inc., a publicly traded holding company.
About GesaCredit Union
Gesa Credit Union is one ofWashington’s largest credit unions, with approximately $6.8 billion in assetsand over 322,000 members across the Pacific Northwest. Founded in 1953 andheadquartered in Richland, Washington, Gesa is a full-service financial institutionoffering consumer, mortgage, business, and government-guaranteed lendingproducts and services, and is the #1 SBA credit union lender in Washington forthree consecutive years. Gesa also operates student-run branches at WashingtonState University and high schools across Washington State. The Gesa CommunityFoundation, established in 2022, supports Gesa’s ongoing commitment to localcommunities through grants, youth scholarships, and free financial educationresources. For more information, visit gesa.com.
Forward-LookingStatements
Certain statements in this newsrelease contain “forward-looking statements” within the meaning of the PrivateSecurities Litigation Reform Act of 1995, such as statements relating to futureplans and expectations, and are thus prospective. Such forward-lookingstatements are subject to risks, uncertainties, and other factors, such as: thebusinesses of Willamette Valley Bank and Gesa Credit Union may not beintegrated successfully, or such integration may take longer to accomplish thanexpected; disruption from the acquisition may make it more difficult tomaintain relationships with customers, team members, or suppliers; the requiredgovernmental approvals of the acquisition may not be obtained on the proposedterms and schedule; or Oregon Bancorp, Inc. shareholders may not approve theacquisition — any of which could cause actual results to differ materially fromfuture results expressed or implied by such forward-looking statements. None ofWillamette Valley Bank, Oregon Bancorp, Inc., or Gesa Credit Union undertakesany obligation to publicly update or revise any forward-looking statements,whether as a result of new information, future events, or otherwise.