On May 23, 2024, Gesa Credit Union (“Gesa”), Richland, Washington, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of Security State Bank, Centralia, Washington, the wholly-owned subsidiary of Security State Corporation.

Gesa has approximately $5.5 billion in assets and 290,000 members, and operates 31 branches, loan centers, full-service student-operated campus branches at Washington State University, and 13 student-operated high school branches across Washington state.

Security State Bank has approximately $600 million in assets and has 12 branches in the Washington state communities of Centralia, Chehalis, Morton, Rochester, Pe Ell, Raymond, South Bend, and Grayland.

Luse Gorman is serving as legal counsel to Gesa in the transaction. The Luse Gorman team consists of Jeff Cardone, Michael Brown, Brendan Clegg, Babette Schwartz and Keeler Fina.

Luse Gorman has acted as counsel on more than 100 bank and credit union M&A transactions during the past seven years and more bank and credit union M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.