Gesa Credit Union and Willamette Valley Bank, together with the bank’s parent company, Oregon Bancorp, Inc., announced a definitive agreement under which Gesa will acquire the Salem, Oregon-based community bank in an all-cash transaction. Gesa would acquire substantially all of Willamette Valley Bank’s assets and assume substantially all of its liabilities. The deal was unanimously approved by the boards of all three organizations and remains subject to regulatory approval and approval by Oregon Bancorp shareholders, who are expected to receive an estimated $43.00 to $45.00 per share. The deal is expected to close in the first half of 2027.
Willamette Valley Bank, which opened in Salem in 2000, operates four branches in Linn and Marion counties along with a loan office in Washington County in the Portland metro area, all of which are expected to remain open and staffed by existing teams following the deal. The bank reported approximately $465 million in assets and $358 million in deposits, and 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. Following the acquisition’s close, Willamette Valley Bank and Oregon Bancorp will dissolve, and customers will become member-owners of Gesa. The deal represents Gesa’s first retail branches in Oregon in its 73-year history.
Gesa Credit Union, headquartered in Richland, Washington, reported approximately $6.8 billion in assets and more than 322,000 members across the Pacific Northwest. Luse Gorman, PC and McQueen Financial Advisors served as legal counsel and financial advisor, respectively, to Gesa, while Alston & Bird LLP and Performance Trust Capital Partners, LLC served as legal counsel and financial advisor to Oregon Bancorp and Willamette Valley Bank.
KEY QUOTES:
“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. 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.”
Don Miller, President and CEO, Gesa Credit Union
“This partnership brings together two organizations that share a deep commitment to serving customers, supporting local communities, and building long-term relationships. 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.”
Ryan Dempster, President and CEO, Willamette Valley Bank
