Gesa to buy Oregon's Willamette Valley Bank in all-cash deal, ~$45 a share
What's the deal? Gesa Credit UnionDealroom has a profile for this one. Try Dealroom → has agreed to acquire Salem-based Willamette Valley Bank and its parent, Oregon Bancorp, Inc., in an all-cash transaction. Gesa would take on substantially all of the bank's assets and liabilities, with Oregon Bancorp shareholders expected to receive an estimated $43.00 to $45.00 per share. The boards of all three institutions unanimously approved the deal.
Why now? Willamette Valley Bank opened in Salem in 2000 and has served the region for more than 25 years. For Richland, Washington-based Gesa, founded in 1953, the acquisition would mark its first retail branches in Oregon in its 73-year history.
What's the endgame? Gesa, one of the Pacific Northwest's largest credit unions, gains a local foothold in the Willamette Valley. The bank's four branches in Linn and Marion counties and a loan office in the Portland metro area would stay open with the same teams.
What changes for customers? The most immediate shift after closing is the name on the door. Willamette Valley Bank customers would become member-owners of Gesa; existing Gesa members would see no change to their accounts.
What's next? The deal needs regulatory approval and Oregon Bancorp shareholder sign-off, and is expected to close in the first half of 2027. Willamette Valley Bank and Oregon Bancorp will then dissolve, with remaining assets distributed to shareholders.
"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," said Don Miller, president and chief executive officer of Gesa. He added that last year Gesa's community giveback totaled $5.8 million across the Pacific Northwest.
Ryan Dempster, president and chief executive officer of Willamette Valley Bank, said the deal "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."
The signal: Credit unions are increasingly buying community banks to add scale and branches, blending cooperative roots with wider product reach. For Gesa, the move opens a new state market without building from scratch.
Image credit: Bonnie Moreland (free images)
