Richland, Washington-based Gesa Credit Union will expand into Oregon with the acquisition of Willamette Valley Bank, the financial institutions announced Tuesday.
With the purchase, Gesa will add four branches in the Salem, Oregon, market, as well as a loan office in the Portland metropolitan area. The deal will also push $6.8 billion-asset Gesa well past the $7 billion mark, as it assumes $465 million in Willamette Valley assets and $358 million in deposits.
The full value of the deal was not disclosed, but stockholders of Oregon Bancorp, Willamette Valley’s holding company, will receive $43 to $45 in cash for every share they own, the credit union said…