El PASO, Texas, Aug. 27, 2026 /PRNewswire/ — GECU Federal Credit Union (GECU), one of the largest locally owned federal credit unions in Texas and New Mexico, today announced that it has received official regulatory approval from the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC), and the New Mexico Regulation and Licensing Department, Financial Institutions Division (NMRLD) to acquire Bank of the Southwest.
The organizations will legally combine on November 1, 2026, under the GECU name, with GECU and Bank of the Southwest expected to operate as independent divisions during the integration. Following the completion of the acquisition, the new entity will become a $4.9 billion credit union serving more than 449,000 members nationwide and beyond.
GECU President and CEO, Alex Rascón, will remain the President and CEO of the combined entity.
“This milestone reflects our shared commitment to serving our employees, members, customers, and communities with integrity,” said GECU President and CEO, Alex Rascón. “By bringing together the strengths of our two organizations, we are creating an even stronger financial partner for the communities we serve. Together, we will expand access to products, services, and expertise that help individuals, families, and businesses pursue their financial goals.”
More information about the acquisition may be found at GECU.com and Bankofsw.com.
About GECU
GECU was founded in 1932, manages $4.8 billion in assets and serves more than 443,000 members nationwide. GECU offers a full range of financial services, including online banking, checking and saving accounts, mortgages, auto loans, personal loans, credit cards, and free financial coaching. Their mission is to provide members with convenient, superior financial products, and services that pave the way to financial freedom. Federally insured by NCUA. Equal Housing Lender. For more information, visit https://www.gecu.com.
About Bank of the Southwest
Founded in 1992, Bank of the Southwest has $186.8 million in total assets and operates 11 locations and 12 ATMs in communities including Roswell, Hatch, Farmington, Las Cruces, Truth or Consequences, Bloomfield, Kirtland, and Elephant Butte in New Mexico. For more information, visit www.bankofsw.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to the proposed transaction. Forward-looking statements reflect management’s expectations for future results, and are not statements of historical or current facts. Such statements often include words like “believe,” “expect,” “anticipate,” “estimate,” “intend,” or similar terminology. Various factors could cause actual results to differ materially from those expected, including our ability to receive all regulatory approvals in a timely manner, delays in completing the transaction, legislative, and regulatory changes that adversely affect the credit union and banking industries, and other factors. Except as required by law, we do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.
Contact
Wendy Weber
The Hoffman Agency (on behalf of GECU)
wweber@hoffman.com
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SOURCE GECU
