121-Year-Old WA State Bank Acquired by GESA Credit Union

Pending necessary regulatory approvals, the acquisition will be finished sometime in 2025.

 GESA Credit Union to 'absorb' 121-year-old bank

According to the Tri-Cities Area Journal of Business, GESA Credit Union has announced they are acquiring the assets of Security State Bank, which was founded in 1903 in Centralia.

Over the years, it has grown to 12 locations, with 88 employees, and has $606 million in assets according to the FDIC. It's one of the oldest commercial banks in WA State, and has locations in Centralia, Chehalis, Morton, Rochester, Pe Ell, South Bend and other smaller cities. It's  the 23rd largest bank in WA state.

According  to the Journal of Business:

"The transaction with Security State Corp., the bank holding company,  is expected to be completed in 2025, pending regulatory approval. It already has been unanimously approved by the boards of directors of both institutions. Security State Corp. and Security State Bank will each dissolve, and the corporation will distribute its remaining assets to its shareholders."

Based on comments from officials with both institutions, it appears Security employees will continue to operate the 12 branches once they are acquired by GESA,  but no other related information was released.

Previously,  24 years ago, GESA merged with Seattle-based Inspirus Credit Union.  GESA, as of the end of 2023, has 28 branches in WA and Idaho.