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A LETTER FROM OUR PRESIDENT & CEO: A MILESTONE MOMENT FOR GECU!
Announcing GECU’s intent to acquire Bank of the Southwest
Dear Member,
It’s a historic day for your credit union!
GECU has signed a definitive agreement to acquire substantially all of the assets and liabilities of Bank of the Southwest. Based in Roswell, New Mexico, Bank of the Southwest shares our Southwest roots, commitment to financial well-being for all, and our common interest in people helping people. The acquisition is subject to approval by the National Credit Union Administration (NCUA), the New Mexico Financial Institutions Division, and the Federal Deposit Insurance Corporation (FDIC), and other closing conditions. Upon completion of the transaction, it is expected that the combined entity will provide GECU members across Texas and New Mexico increased access to the financial products and services they need.
Through our combined effort and with your support, we can strengthen the impact of our people helping people philosophy, which remains our driving force in our commitment to being a financial pillar and a trusted resource.
WHAT THIS MEANS FOR YOU AS A MEMBER-OWNER
As a member-owned credit union, it’s important for me to share timely and transparent updates, which is why you’re receiving a message today. Our Board of Directors, leadership and employees are unwavering in their commitment to making this a positive experience.
Following the completion of the transaction, our systems and processes will become integrated, and the organizations will come together as one credit union under the GECU name. I will remain President and CEO, uniting employees and members under the new GECU entity.
I understand you may still have questions about this significant news. We have a new section on our website with more details about the acquisition, including frequently asked questions, which will be updated from time to time.
I consider it a great privilege to serve you as the President and CEO of your credit union and we owe our longstanding success to you, our incredible members.
I am excited for this new chapter and the opportunities that lie ahead.
With gratitude,
Crystal Long
GECU President and CEO
It’s a historic day for your credit union!
GECU has signed a definitive agreement to acquire substantially all of the assets and liabilities of Bank of the Southwest. Based in Roswell, New Mexico, Bank of the Southwest shares our Southwest roots, commitment to financial well-being for all, and our common interest in people helping people. The acquisition is subject to approval by the National Credit Union Administration (NCUA), the New Mexico Financial Institutions Division, and the Federal Deposit Insurance Corporation (FDIC), and other closing conditions. Upon completion of the transaction, it is expected that the combined entity will provide GECU members across Texas and New Mexico increased access to the financial products and services they need.
Through our combined effort and with your support, we can strengthen the impact of our people helping people philosophy, which remains our driving force in our commitment to being a financial pillar and a trusted resource.
WHAT THIS MEANS FOR YOU AS A MEMBER-OWNER
As a member-owned credit union, it’s important for me to share timely and transparent updates, which is why you’re receiving a message today. Our Board of Directors, leadership and employees are unwavering in their commitment to making this a positive experience.
Following the completion of the transaction, our systems and processes will become integrated, and the organizations will come together as one credit union under the GECU name. I will remain President and CEO, uniting employees and members under the new GECU entity.
I understand you may still have questions about this significant news. We have a new section on our website with more details about the acquisition, including frequently asked questions, which will be updated from time to time.
I consider it a great privilege to serve you as the President and CEO of your credit union and we owe our longstanding success to you, our incredible members.
I am excited for this new chapter and the opportunities that lie ahead.
With gratitude,
Crystal Long
GECU President and CEO
FREQUENTLY ASKED QUESTIONS
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Where are we in the acquisition process?With the support of our Board of Directors, on November 13, 2025 we officially announced our intent to acquire Bank of the Southwest. The acquisition is subject to approval from the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC) and the New Mexico Regulation & Licensing Department Financial Institutions Division, and other closing conditions. The proposed acquisition has the unanimous approval of GECU’s and Bank of the Southwest’s Board of Directors and their respective leadership teams.
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When will this happen? What is the process?The first step in the process is to seek approval from the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC) and the New Mexico Financial Institutions Division. Upon completion of the acquisition, we’ll begin integrating our two organizations.
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What does it mean that GECU will seek approval?Our proposal to acquire Bank of the Southwest is subject to approval from the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC) and the New Mexico Financial Institutions Division.
If approved by regulators, the combined entity is expected to emerge under the GECU name as a $4.7 billion organization serving more than 440,000 members with more than 30 branches. -
Why is GECU proposing to acquire Bank of the Southwest?GECU has a longstanding mission of providing underserved communities with the financial products and services they need to achieve financial well-being. The acquisition will help our credit union movement and people helping people philosophy reach more communities and make essential financial services and products more accessible in New Mexico.
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What are the benefits of this acquisition?Our united capabilities will strengthen the impact of our people helping people philosophy and enhance our range of exceptional financial products and services to help more people, families and businesses on their financial journeys. We expect to emerge as a $4.7 billion credit union serving more than 440,000 members and with more than 30 branches.
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Who is Bank of the Southwest?Founded in 1992, Bank of the Southwest operates 11 branch locations and 12 ATMs in communities including Roswell, Farmington, Las Cruces, Truth or Consequences, and Elephant Butte in New Mexico.
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Are both institutions financially stable?Yes. Both financial institutions are financially sound and stable, which makes uniting the two organizations such a strategic value proposition and sets the stage for a strong combined entity that can support even more members and businesses with their financial needs.
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Do GECU and Bank of the Southwest share similar values?Yes. GECU and Bank of the Southwest values are closely aligned—sharing a people-first mission and a commitment to improving the financial lives of our members and the communities we serve.
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What can members expect through the acquisition process?Members and customers will experience no immediate changes as the two organizations will operate independently, pending regulatory approval. Upon completion of the acquisition, the combined organization will operate under GECU’s name.
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Who will lead GECU upon regulatory approval?Our current President and CEO, Crystal Long, will remain the President and CEO of the new entity under the GECU name.
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Will my accounts change?No. Your GECU Accounts will operate as normal and your access to them will remain the same.
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If I have more questions, where can I go for additional information?We will update this page from time to time and encourage you to check back.
CLOSE
BEFORE YOU GO
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