GECU to acquire Bank of the Southwest

EL PASO, Texas (KVIA) -- Thursday, GECU announced it received approval to acquire Bank of the Southwest.

The organizations will combine on Nov. 1 under the GECU name, the credit union said. The two are expected to operate as independent divisions during the integration.

After the acquisition, the new entity will become a $4.9 billion credit union, GECU said.

GECU President and CEO Alex Rascón will keep his positions over the combined entity.

What the Acquisition Means for GECU and Bank of the Southwest Members

GECU and Bank of the Southwest said the integration won't impact accounts, service or operations.

According to GECU, the acquisition will let it expand with Bank of the Southwest's 11 branches in New Mexico.

In November 2025, GECU said it was looking to buy the Bank of the Southwest.

The National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC), and the New Mexico Regulation and Licensing Department, Financial Institutions Division (NMRLD) gave the approval.