The combined entity will command $4.9 billion in assets, extending its reach to over 449,000 members. Under the agreement, GECU and Bank of the Southwest will maintain independent operations during the initial integration phase before fully unifying under the GECU brand. Alex Rascón will continue to lead the organization as President and CEO.
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GECU Cleared for Acquisition of Bank of the Southwest
With regulatory hurdles cleared by the NCUA, FDIC, and New Mexico officials, El Paso-based GECU Federal Credit Union is set to absorb the Bank of the Southwest. The merger, effective November 1, 2026, marks a significant consolidation of regional financial assets across Texas and New Mexico.
This deal integrates Bank of the Southwest’s 11 locations and 12 ATMs into the GECU network, which currently manages $4.8 billion in assets. Rascón stated that the merger aims to bolster the financial institution’s capacity to support individuals and businesses across the Southwest region by expanding access to credit products and financial coaching services.
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