GECU Receives Regulatory Approval to Acquire Bank of the Southwest

Alex Rascón

​GECU Federal Credit Union (GECU), one of the largest locally owned federal credit unions in Texas and New Mexico, today announced that it has received official regulatory approval from the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC), and the New Mexico Regulation and Licensing Department, Financial Institutions Division (NMRLD) to acquire Bank of the Southwest. 
 
The organizations will legally combine on November 1, 2026, under the GECU name, with GECU and Bank of the Southwest expected to operate as independent divisions during the integration. Following the completion of the acquisition, the new entity will become a $4.9 billion credit union serving more than 449,000 members nationwide and beyond. 
 
GECU President and CEO, Alex Rascón, will remain the President and CEO of the combined entity. 
 
"This milestone reflects our shared commitment to serving our employees, members, customers, and communities with integrity," said GECU President and CEO, Alex Rascón. "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." 
 
More information about the acquisition may be found at GECU.com and Bankofsw.com. 

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