Gesa Credit Union has entered an agreement to acquire a Salem, Oregon-based community bank. If approved, the acquisition would establish Gesa’s first Oregon branches.  

The Richland-based credit union plans to acquire Willamette Valley Bank in the first half of 2027. Following the transaction, both Willamette Valley Bank and its parent company, Oregon Bancorp Inc., would dissolve and distribute remaining assets to Oregon Bancorp Inc.’s stockholders, who would receive an estimated $43 to $45 per share.  

Willamette Valley Bank has four branches in Linn and Marion counties in Oregon and a loan office in the Portland area. After the acquisition is completed, all will stay open and remain staffed by the same teams, while those who bank at those locations would become member-owners of Gesa.  

These branches would be Gesa’s first in Oregon since the credit union was founded in 1953. Willamette Valley Bank first opened in Salem in 2000.  

“This partnership brings together two organizations that share a deep commitment to serving customers, supporting local communities, and building long-term relationships," said Ryan Dempster, president and CEO of Willamette Valley Bank, in a statement. "Joining forces with Gesa 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.” 

Both Gesa and Willamette Valley Bank will operate independently until the transaction closes.  

The acquisition is the latest milestone of Gesa’s growth in recent years. In April of this year, Gesa opened its first branch in Vancouver, Washington, and in 2025, the credit union acquired Centralia-based Security State Bank.