Inspirus & Gesa Credit Union Merger
Together, we can make a difference.
Last updated May 10, 2019
Please join the leaders of Inspirus Credit Union and Gesa Credit Union as we host our third town-hall meeting, this time being held as an online (virtual) meeting. Leaders of both credit unions will discuss the proposed merger of the two organizations, answer questions and explain the process and timeline.
When: Wednesday, May 29th
Where: Online (internet hosted)
Time: 6:00 – 7:00 pm PDT
How: Register here
If you have any questions about the meeting, please email questions@inspirusCU.org or contact us by phone at 888.628.4010 and select option #6.
For eighty years, Inspirus Credit Union has served the education community and strived to bring value to members by offering convenience and access to financial products and services that help members achieve their goals. The Board of Directors and Leadership Team of Inspirus Credit Union have officially announced plans for Inspirus Credit Union to merge with Gesa Credit Union to continue to enhance the credit union’s commitment to value and impact on the education community.
Inspirus and Gesa share similar values, philosophies and commitments to the communities they serve. Both believe passionately in giving back to the community, supporting education and providing the best value and experience to members. Together, the organization will remain committed to these same driving principles.
Unlike a traditional bank merger, this is not a buy out or acquisition. This merger represents a true collaborative partnership between two financially strong credit unions committed to their members. The Board of Directors and leadership of both Inspirus Credit Union and Gesa Credit Union recognize they can better serve the memberships of both credit unions together. As the financial services landscape continues to evolve, this merger will give the combined organization the ability to expand what it offers members such as access to more products and services, more locations throughout the state of Washington, reduced costs and enhanced technologies that will provide greater 24/7 convenience.
As we continue to work on our merger with Gesa Credit Union we remain committed to keeping you up-to-date with important information related to the timing of the merger and next steps.
When we announced the merger late last year, we projected the legal merger date would be in the second quarter of 2019. Now, after a few more months of planning, we’re resetting the date of the merger to mid-year 2019.
Currently, the regulatory approval process is underway. After regulatory approval, an official notice, ballot and other information related to important dates and next steps will be sent to members. Subject to an affirmative vote by Inspirus members, we anticipate the merger would be finalized around mid-year 2019, with systems integrated in 2020.
If you have any questions that haven’t been addressed in the member letter you received, or the frequently asked questions on our website, please email questions@inspirusCU.org or contact us by phone at 888.628.4010 and selecting option #6.
Here are all the great things that you'll gain from these two great organizations merging:
- More products
- More services
- More branch locations to serve you
- More convenience
- Quick responses to your financial needs
- Continued commitment to community
Frequently Asked Questions
The merger of these two strong credit unions will provide long-term growth and sustainability and will allow both to continue to be a strong, viable financial organization; and continue to provide more opportunities for members and employees.
The collaborative merger of Inspirus Credit Union and Gesa Credit Union will provide opportunities to implement best practices from both organizations to achieve more positive member impact and value such as:
- More products and services:
Including mortgages managed by the credit union and not an outside third party; small business accounts and loans; and investment management like retirement planning and full-service broker-dealer services.
- More branch locations:
We will go from just 3 branches to 23 branches, with plans to continue to expand the branch network in both Eastern and Western Washington.
- Same knowledgeable, friendly employees:
The staff at our branches and call center will continue to be available to serve you.
- More responsive to evolving financial needs:
This partnership will allow the credit union to better anticipate and meet the financial needs of its membership in a fast changing and rapidly evolving financial services industry.
Becoming a larger credit union with combined assets of $3.3 billion will provide opportunities to increase efficiencies and return those savings right back to members in greater value, new technology and services, competitive loan and deposit rates, and higher community giving.
Gesa Credit Union is based out of Richland, Washington. Founded in 1953, their mission is to help members prosper by providing access to a broad range of valuable and cost-effective financial products and services. Gesa currently has 17 locations and nearly 159,000 members with approximately 500 team members committed to helping improve their members’ lives and enrich the communities they serve.
Click here to view a video to learn more.
There will be no effect to your accounts or account numbers at this time. Eventually members from one credit union will need to convert to the other’s data operating system to enhance capabilities. This is under investigation and will likely not occur until sometime in 2020. As that time approaches, the credit union will work to ensure a seamless integration, so that members can conduct business as usual.
Inspirus and Gesa have many shared values including supporting education and making positive impacts on their communities. The Board of Directors and leadership teams of both organizations are dedicated to ensure this history and heritage continues forward in the combined organization.
No employees at Inspirus or Gesa will be terminated as a result of the merger. In fact, this merger will provide additional benefits and new opportunities for employees in the combined organization.
Yes. Member savings will continue to be Federally insured by the National Credit Union Administration.
The rates on fixed rate loans and certificate of deposits (CDs) will remain the same until the end of their existing terms. As always, any CD renewals or new loans will be subject to current rates which are determined by several factors including the interest rate environment at the time of a new loan or investment.
No. There are no plans for any branch closures. This merger will add 17 branches with plans for more already underway.
Yes. Both organizations are committed to providing high levels of service for members and this will continue to be a focus for the combined organization.
Don Miller will serve as the CEO of the merged organization. Scott Adkins, Inspirus’ CEO, will continue serving the combined organization as a senior executive. Don Miller has served as Gesa Credit Union’s CEO since 2013. He’s been with Gesa for 30+ years and has served in nearly all the different functional areas of the organization. He is a native of Ellensburg, WA and attended Central Washington University and received his MBA from Washington State University.
The name for the combined organization has not been determined. Inspirus and Gesa are proud of their individual brands but recognize it may not serve the purposes of a newly created, statewide credit union. It is for these reasons both organizations will conduct a comprehensive brand research study to determine the most appropriate and unifying name for the combined organization.
First, approval from regulators must be received. Subsequent to that approval, more information related to important dates and next steps will be sent to members. It is anticipated the merger will be finalized in the first half of 2019, with systems fully integrated in 2020.
We anticipate the voting process will occur in the first part of 2019, but we will not able to provide specific dates until regulatory approval is obtained. Upon regulatory approval, a Special Meeting notice will be sent to Inspirus members providing voting information. Voting will be accessible in a multi-channel manner (mail, electronic and in-person at meeting). Thus, voting by mail and electronic means will commence immediately upon the delivery of the Special Meeting notice.
-All members (individual and business) qualified to vote may cast one ballot (one vote) regardless of the number of accounts or amount of their account balances. No proxy voting is permitted.
-Voting ballots will be distributed or made available to all qualified members and members can vote in one of 3 convenient voting methods: by mail, electronically or at the Special Meeting.
-The receipt, custody and counting of all ballots will be conducted by an independent third party.
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