Credit Unions
Gesa Credit Union announced Tuesday it will acquire Willamette Valley Bank, adding four branches in the Salem, Oregon, market and a loan office in the Portland metro area. The deal will push Gesa's assets past $7 billion as it assumes $465 million in Willamette Valley assets and $358 million in deposits. Oregon Bancorp stockholders will receive $43 to $45 per share in cash. The transaction is expected to close in the first half of 2027. This is Gesa's second bank purchase, following Security State Bank in 2024, and at least the fifth whole-bank purchase by a credit union in 2026. The deal has drawn attention amid concerns from bank trade groups about credit union acquisitions, though the number of such deals has fallen from a record 22 in 2024.
Former NCUA board members Todd Harper and Tanya Otsuka have filed a motion with the U.S. Court of Appeals for the D.C. Circuit seeking an expedited briefing schedule in their lawsuit against the Trump administration. They argue that last week's Supreme Court decisions, which overturned Humphrey's Executor but preserved protections for financial regulators like the Fed, strengthen their claim that NCUA is modeled on the Federal Reserve and thus protected from at-will removal. The Justice Department opposes the request, saying the case has been in abeyance for nearly a year and the new rulings don't justify haste. Harper and Otsuka were fired in April 2025 and briefly reinstated before being sidelined again. Their terms run to 2027 and 2029.
Navy Federal Credit Union partnered with Qualtrics on a pilot to compare synthetic data with traditional human panels for member research. The test found that synthetic responses closely matched human responses on functional questions, with mean scores within 0.25%, but over-indexed on efficiency and financial benefits while underestimating empathy. Synthetic data also reduced acquiescence and social desirability biases. However, synthetic responses struggled with emotional nuance and were less discerning on trust across industries. Experts advise using synthetic data to complement, not replace, human research, especially for hard-to-reach audiences and rapid feedback, while reserving human panels for emotionally charged topics.
Credit Union 1, led by CEO Mark Burgess, is addressing Alaska's 'banking tundras'—areas with limited financial services. With 39 banking deserts and 20 potential deserts, 25% of the state's population is affected, and about 65% of majority American Indian or Alaska Native communities live in such areas. The credit union, with $1.5 billion in assets and 15 branches, plans to open a branch in Homer this summer and is evaluating about 16 communities on its watchlist. It uses technology like interactive teller machines and video-conferencing loan officers to serve remote areas, while maintaining a local presence. Challenges include high communication costs and infrastructure, but Burgess emphasizes adapting technology to augment, not replace, relationships.
Mark Burgess, CEO of Alaska Credit Union 1, refers to the state's areas without financial services as the 'financial tundra.' According to 2024 Federal Reserve data, Alaska has 39 banking deserts and 20 potential deserts, where 25% of the population resides. The credit union, with assets of about $1.5 billion and 15 branches statewide, will open a new branch in Homer this summer and is evaluating the possibility of expanding services in about 16 communities, including the use of interactive teller machines and remote loan officers.
The White House nominated John Crews, Treasury Department deputy assistant secretary for financial institutions policy, to serve as a National Credit Union Administration board member. If confirmed by the Senate, Crews would replace Kyle Hauptman as NCUA chair and sole board member. Crews' term would run through Aug. 2, 2031. The NCUA has operated without a quorum since April 2025, when President Donald Trump fired two Democratic board members, Todd Harper and Tanya Otsuka, who sued and were reinstated by a federal judge before an appeals court granted an emergency stay. Scott Simpson, CEO of America's Credit Unions, welcomed the nomination, citing Crews' Treasury experience and approach to innovation and expanding access to affordable financial services.
Interra Credit Union has agreed to acquire The Hicksville Bank in an all-cash deal, the companies announced Wednesday. The Hicksville Bank, headquartered in Hicksville, Ohio, had $217 million in assets, $137 million in loans, and $195 million in deposits as of Dec. 31, 2025. The transaction awaits regulatory approval and approval from shareholders of the bank's holding company, Empire Bancshares, and is expected to close by late fall this year. Interra, founded in 1932, has about 90,000 members and 16 branches across northwestern Indiana, while The Hicksville Bank, founded in 1901, has four locations. The credit union said no branch closings or employee cuts will occur due to the acquisition. The deal is the fourth whole-bank acquisition by a credit union announced this year, following similar deals in March, February, and January. A record 22 credit union-bank deals were announced in 2024, and 16 were announced last year. The pace of such activity has drawn criticism from bank trade groups, including the Independent Community Bankers of America, which has called for credit unions with more than $1 billion in assets to be taxed.
Service Credit Union, a $6 billion-asset institution based in Portsmouth, New Hampshire, has introduced a fraud alert checklist to help employees identify signs of scams targeting members. The checklist, posted in branches and given to staff, lists red flags such as customers being told they've won a prize, must pay a fee, or should keep a transaction secret. Stephanie McNamara, assistant vice president and loss mitigation operations lead, said the tool has boosted staff confidence, particularly among young employees. The credit union, with about 50 branches across New England and Germany, faces online account takeovers and check fraud as major threats. The initiative aligns with broader industry efforts as scams grow more sophisticated and losses mount, with the Consumer Federation of America estimating $119 billion in annual U.S. losses to online scams and Interpol reporting AI-enhanced fraud is 4.5 times more profitable than traditional methods.
Landmark Credit Union, based in Milwaukee, has agreed to acquire American National Bank-Fox Cities, based in Appleton, Wisconsin. The deal, announced Tuesday, will add $419 million in assets and two branches to Landmark's $7 billion-asset, 35-location network. The transaction is expected to close in the second half of 2026. It marks the fifth credit union-bank deal this year and the third whole-bank acquisition. The announcement comes a day after the Independent Community Bankers of America launched a national campaign opposing such deals, citing tax exemptions for credit unions. Credit union trade groups criticized the campaign as misinformation.
The Washington Department of Revenue announced that state-chartered credit unions merging with or acquiring state-chartered banks are now subject to a 1.2% business and occupation tax on gross income from such deals, effective for transactions submitted for regulatory approval after Jan. 1, 2026. Out-of-state credit unions and deals submitted before that date are exempt. Washington was a hotbed of credit union-bank deals in 2024, and this is the first state law of its kind. Bank trade groups support the measure, arguing it mitigates revenue loss from tax-exempt credit unions acquiring tax-paying banks, while attorneys warn it may push credit unions to convert to federal charters or mutual banks and deter local bank mergers.