Gesa Credit Union in Richland, Wash., has agreed to buy Security State Bank in Centralia, Wash.
The $5.5 billion-asset Gesa did not disclose the price it will pay for the $606 million-asset Security State. The deal is expected to close next year.
Security State has 12 branches.
“Gesa and Security State Bank have shared the same values for over 70 years, with an unwavering dedication to the communities we serve,” Don Miller, the credit union’s president and CEO, said in a press release.
“This shared commitment has brought us together and fueled our decision to enter this agreement, acting as a catalyst for Gesa to continue to expand our footprint and service in the Pacific Northwest,” he added.
Security State is the 10th bank to agree to sell to a credit union in 2024, a pace that would shatter the previous record for credit union-bank deals announced in a given year.
Security State was advised by Commerce Street Capital and Paine Hamblen. Gesa was advised by McQueen Financial Advisors and Luse Gorman.