Gesa Credit Union to Acquire Centralia-Based Bank
In a move that will significantly expand its presence in the Pacific Northwest, Gesa Credit Union has announced plans to acquire Security State Bank, a Centralia-based bank with 12 branches across Lewis, Thurston, Pacific, and Grays Harbor counties.
With $606 million in assets and 88 full-time equivalent employees, Security State Bank has been a pillar in the community since its establishment in 1903. Gesa Credit Union, on the other hand, boasts more than $5.5 billion in assets and nearly 290,000 members.
The acquisition, expected to be completed in 2025 pending regulatory approval, has already received unanimous approval from the boards of directors of both institutions. Security State Corp. and Security State Bank will dissolve, with the corporation distributing its remaining assets to shareholders.
Don Miller, president and CEO of Gesa Credit Union, expressed excitement about the partnership, citing the shared values and commitment to community service that both institutions have upheld for over 70 years. Dwayne Aberle, president of Security State Bank, echoed this sentiment, emphasizing the benefits that Gesa’s expanded products, services, and locations will bring to customers and employees.
The transaction was advised by Commerce Street Capital LLC and Paine Hamblen LLP for Security State Corporation, and McQueen Financial Advisors and Luse Gorman, PC for Gesa Credit Union. With this acquisition, Gesa is poised to continue its growth and impact in the region, empowering new communities and assisting more individuals on their financial journeys.