Bank / Credit Union

GECU Federal Credit Union to acquire Bank of the Southwest

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September 3, 2026

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GECU Federal Credit Union, based in Texas and New Mexico, received regulatory approval to acquire Bank of the Southwest. The two groups will combine Nov. 1 under the GECU name, according to a press release.

With this acquisition, the entity will have $4.9 billion in assets with more than 449,000 members. Alex Rascon will serve as president and CEO.

"This milestone reflects our shared commitment to serving our employees, members, customers, and communities with integrity," Rascon said in the release. "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."