What Changes Are Coming with GESA Credit Union Merger?
In the insider business world, it's nothing really new, but now it's official.
Since 2018, GESA and Inspirus Credit Unions have been negotiating and working out plans to merge the two institutions, and now as of August 1st, it's official.
July 23, members of the Seattle-based credit union voted to approve the merger. Inspirus was founded in 1936, and has since grown to six branches, 150 workers, 80,000 members and assets of $1.3 billion. Once the merger is completed the combined credit unions will have assets of $3.3 billion, and a total staff of just over 650 people. The combined number of members will be at just over 239,000.
According to the Tri City Area Journal of Business (TCAJOB), this is not a traditional 'take-over' merger where one company absorbs the other. This is a true merger, or combination of assets. According to GESA and other officials there will be only minor changes. Here's a few areas addresses in information released by GESA President and CEO Don Miller:
*It will be "business as usual" at all GESA and Inspirus branch locations. Inspirus plans to open three more branches on the west side in Seattle, Kirkland and Bremerton this year. Besides the existing locations, GESA members will be able to perform business at these venues, as well as the existing GESA branch in Spokane, and vice-versa for Inspirus based customers.
*Since August 1st, teams from both institutions have begun working on merging the two companies, they hope to have all systems fully integrated by late 2020.
*"A name for the combined organization has not yet been determined" according to the information released. A combined research and branding study will be performed to find the best name to represent both backrounds.
*There is no expected employee impact, the TCAJOB says no layoffs or branch closures are expected.
For more backround and information on this big merger from the TCAJOB, click on the button below.