Gesa Credit Union and Willamette Valley Bank Announce Acquisition Agreement

Gesa Credit Union and Willamette Valley Bank Announce Acquisition Agreement

Gesa would acquire the Salem-based bank, establishing its first branches in Oregon.

RICHLAND, Wash. and SALEM, Ore. (July 21, 2026) — Gesa Credit Union and Willamette Valley Bank, together with the bank’s parent company, Oregon Bancorp, Inc., today announced a definitive agreement for Gesa to acquire the Salem-based community bank, bringing two community-first institutions together to do more for the Willamette Valley than either could alone. Under the agreement, Gesa would acquire substantially all of Willamette Valley Bank’s assets and assume substantially all of its liabilities, in an all-cash transaction. The transaction was unanimously approved by the boards of directors of Gesa Credit Union, Willamette Valley Bank, and Oregon Bancorp, Inc. The acquisition is subject to regulatory approval and approval of the Oregon Bancorp, Inc. shareholders. The transaction is expected to be completed in the first half of 2027. Following the completion of the transaction, Willamette Valley Bank and Oregon Bancorp, Inc. will dissolve and the remaining assets will be distributed to the stockholders of Oregon Bancorp, Inc. Subject to the terms of the agreement, shareholders are expected to receive an estimated $43.00 to $45.00 per share.

Willamette Valley Bank opened in Salem in 2000 and spent the next quarter century earning the trust of the businesses and families it serves. Gesa has operated on that same principle since 1953.

The most immediate change for customers after closing would be the name on the door. Willamette Valley Bank’s four branches in Linn and Marion counties and its loan office in Washington County, in the Portland metro area, will stay open and staffed by the same teams. At that point, the people who bank there would become member-owners of Gesa.

Together, the organization would give the Willamette Valley a partner with the local roots of a community bank paired with the scale, products, and branch access of one of the Pacific Northwest’s largest credit unions. For Gesa, it would mean the credit union’s first retail branches in Oregon in its 73-year history.

“In Willamette Valley Bank, we found people who believe what we believe, that a financial institution exists to support the people and communities it serves,” said Don Miller, President and CEO of Gesa Credit Union. “As a cooperative, Gesa measures itself by what it gives back, and we look forward to bringing that commitment to the Willamette Valley, alongside the local team that has served these communities for a generation.”

Last year, that giveback totaled $5.8 million invested across the Pacific Northwest, with free financial education reaching more than 14,000 people and Gesa team members volunteering more than 9,400 hours.

“This partnership brings together two organizations that share a deep commitment to serving customers, supporting local communities, and building long-term relationships,” said Ryan Dempster, President and CEO of Willamette Valley Bank. “Joining forces with Gesa creates new opportunities to expand products, services and resources available to our customers while preserving the community-focused values that have defined Willamette Valley Bank for more than 25 years. We are proud of what our team has built and excited about the future we can create together.”

Until the transaction closes, both organizations will continue to operate independently, and there is nothing customers or members need to do. Willamette Valley Bank customers would keep banking where they always have, with the people they know, and Gesa members would see no change to their accounts. Any change affecting an account would be communicated in writing, well in advance.

Luse Gorman, PC served as legal counsel and McQueen Financial Advisors served as financial advisor to Gesa Credit Union. Alston & Bird LLP served as legal counsel and Performance Trust Capital Partners, LLC served as financial advisor to Oregon Bancorp, Inc. and Willamette Valley Bank.

More information is available at gesa.com, and questions may be directed to [email protected].

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About Willamette Valley Bank

Willamette Valley Bank is an Oregon-chartered community bank headquartered in Salem, Oregon, with approximately $465 million in assets and $358 million in deposits, four branches in Linn and Marion counties, and a loan office in Washington County. Founded in 2000, the bank serves businesses, families, and communities across the Willamette Valley. The bank was ranked first on American Banker’s Top 200 list of publicly traded community banks and thrifts under $2 billion in assets for four consecutive years, the 2019 through 2022 lists. Willamette Valley Bank is a wholly owned subsidiary of Oregon Bancorp, Inc., a publicly traded holding company.

About Gesa Credit Union

Gesa Credit Union is one of Washington’s largest credit unions, with approximately $6.8 billion in assets and over 322,000 members across the Pacific Northwest. Founded in 1953 and headquartered in Richland, Washington, Gesa is a full-service financial institution offering consumer, mortgage, business, and government-guaranteed lending products and services, and is the #1 SBA credit union lender in Washington for three consecutive years. Gesa also operates student-run branches at Washington State University and high schools across Washington State. The Gesa Community Foundation, established in 2022, supports Gesa’s ongoing commitment to local communities through grants, youth scholarships, and free financial education resources. For more information, visit gesa.com.

Forward-Looking Statements

Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as: the businesses of Willamette Valley Bank and Gesa Credit Union may not be integrated successfully, or such integration may take longer to accomplish than expected; disruption from the acquisition may make it more difficult to maintain relationships with customers, team members, or suppliers; the required governmental approvals of the acquisition may not be obtained on the proposed terms and schedule; or Oregon Bancorp, Inc. shareholders may not approve the acquisition — any of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. None of Willamette Valley Bank, Oregon Bancorp, Inc., or Gesa Credit Union undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Media Contacts

Gesa Credit Union: [email protected]

Willamette Valley Bank: [email protected]

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SmartPlus Checking	[APY] Minimum opening balance of $25 required if the account is opened online. In order to earn APY and receive unlimited domestic ATM fee refunds, you must meet the following requirements during each monthly qualifying period: provide and maintain valid email address, apply for and use your Visa debit card to make 15 debit card transactions that post and settle to your account, have at least one direct deposit of $200 or more post to your account, and enroll to receive eStatements. If the requirements are not met during the monthly qualifying period, the “non-qualifying” 0.01% APY will apply to the entire balance. Dividends on a SmartPlus Checking account will be compounded and credited to a member’s account each month. Dividends are calculated using the daily balance method. Qualifying account balances must meet minimum requirements. Rate may change after the account is opened. The qualifying period begins with the first day of the calendar month and ends on the last day of the calendar month at 6:00 P.M. Pacific Time. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. No monthly fees and no minimum balance required to open or maintain account unless opened online. Fees could reduce earnings on the account. Limit of one SmartPlus Checking account per member. APY is accurate as of , the last dividend declaration date.	A7KD4W9LQXZT
Smart Checking	*There is a minimum opening balance requirement of $25.00 if the account is opened online. Regular users of Gesa’s electronic services may want to consider SmartPlus Checking for additional benefits. [Courtesy Pay]	M3VY82CNRLKP
Student Checking	[APY] Dividends on Student Checking Accounts are calculated using the daily balance method and will be credited to the member’s account every month. Rate may change after the account is opened. If you close your account before dividends are paid, you will not receive the accrued dividends. The minimum balance to open an account is $5.00, the par value of a share. Courtesy Pay is not offered on Student Checking Accounts. Only electronic transactions such as debit card or ACH transactions are permitted. Fees could reduce earnings on the accounts.	JXZ7V5MWLQ92
Smartplus Savings	[APY] In order to earn a high dividend rate, you must meet the following requirements during the qualifying monthly period: a) provide and maintain a valid email address; and b) be enrolled to receive e-statements. If the requirements are not met during the monthly qualifying period, the “non-qualifying” 0.01% APY would apply to the entire balance. Dividends on an SmartPlus Savings Account will be compounded and credited to a member’s account each month. Dividends are calculated using the daily balance method. Qualifying account balances must meet minimum requirements. Rate may change after the account is opened. The qualifying period begins with the first day of the calendar month and ends on the last day of the calendar month at 6:00 P.M. Pacific Time. No monthly fees and no minimum balance required to maintain account. Minimum opening deposit of $5. Fees could reduce earnings. Limited to one SmartPlus Savings account per member.	P9T6QF2XJBLC
Smart Savings	[APY] Dividends on Smart Savings are calculated using the daily balance method and are paid monthly. Rate may change after the account is opened. No monthly fees and no minimum balance required to maintain account. Minimum opening deposit of $5. Fees could reduce earnings on the account.	Y4MKZ3WVTPQ8
High-Yield Savings	[APY] Dividends on the High Yield Savings account are calculated using the daily balance method and are paid monthly. No monthly fees and no minimum balance required to maintain account. Minimum opening deposit of $5. Fees could reduce earnings.	NDLXQ98R5VTE
Money Market	[APY] Dividends for the Money Market Account are calculated using the daily balance method which applies a daily periodic rate to the balance in the account each day. You must maintain a minimum daily balance of $2,500.00 in your account each day to obtain the disclosed annual percentage yield. The minimum balance required to open this account is $2,500.00. There is a minimum average daily balance of $2,500.00 required to avoid a service fee for the calendar month. If the minimum average daily balance requirement is not met, you will be charged a service fee as stated in the Consumer Fee Schedule. New rates are set on the first of each month; rate may change after the account is opened. Fees could reduce earnings on the account.	GQ37ZVKY1WLM
Fixed Certificate	[APY] A penalty may be imposed for early withdrawal. Fees may reduce earnings. The minimum balance to open the certificate is stated in the chart. Early withdrawal penalties apply (a penalty may be imposed for withdrawals before maturity): If your account has an original maturity (term) of less than 12-months: The penalty will equal 90 days interest on the amount withdrawn subject to penalty. If your account has an original maturity (term) of 12-months or more – up to, but less than 36-months: The penalty will equal 180 days interest on the amount withdrawn subject to penalty. If your account has an original maturity of 36-months or more – up to, but less than 48-months: The penalty will equal 365 days interest on the amount withdrawn subject to penalty. If your account has an original maturity of 48-months or greater: The penalty will equal 540 days interest on the amount withdrawn subject to penalty. In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. For any account which earns an interest rate that may vary during the term such as a bump certificate, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal. You may make withdrawals of principal from your account before maturity. In making such withdrawals, your balance may not fall below the minimum or we will close your account. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can withdraw interest only on the crediting dates without penalty. A $500 minimum deposit is required for consumer, IRA, and business certiﬁcates. Early withdrawal penalties may apply and may reduce earnings. Certiﬁcate rate is for a limited time only and could end at any time. Stated rate as of the first day of the month.	H85PLKJXZ2QM
Bump Certificate	[APY] A penalty may be imposed for early withdrawal. Fees may reduce earnings. The minimum balance to open the certificate is stated in the chart. The Certificate owner must contact Gesa Credit Union to request the one-time rate increase on Bump Certificate accounts. The rate on the Bump Certificate will be changed on the following business day of the date Gesa Credit Union receives the request. The bump option can only be exercised once during the term of the Certificate and does not increase the term of the certificate. The new interest will not be applied retroactively. The new interest rate will be the interest rate we are then offering on regular certificates (non- bump rate certificates) that have the same term and minimum balance. Bump Certificates are only available for consumer and IRA Certificates. Early withdrawal penalties will apply. Minimum deposit balance must be maintained to earn APY and fees may reduce earnings on the account. Special offer for a limited time only.	RXNQ72MLYV9C

Gesa Credit Union and Willamette Valley Bank Announce Acquisition Agreement

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