Centralia-based Security State Bank to be acquired by Gesa Credit Union 

Centralia-based Security State Bank and its 12 branches in Lewis, Thurston, Pacific and Grays Harbor counties will be acquired by Gesa Credit Union, according to a news release on Thursday.

Gesa Credit Union, a credit union headquartered in Richland, and Security State Corporation, the bank holding company of Security State Bank, headquartered in Centralia, announced on Thursday they have entered into an agreement under which Gesa Credit Union will acquire and assume all of the assets and liabilities of Security State Bank.

The pending transaction is subject to regulatory and shareholder approvals and other customary closing conditions and is expected to be completed in 2025, according to the release.

“Security State Bank has been a steadfast supporter of the communities that we serve for more than 120 years now, and we have earned the trust of both our customers and our employees during this long time,” said Dwayne Aberle, president of Security State Bank. “In today’s ever-increasingly competitive banking environment, we feel that this transaction will provide uncountable benefits to these same communities, customers and employees that we have dedicated our long tenure to, and we thank them all for that trust that they have placed in us over all these years. We are excited to partner with Gesa Credit Union in this transaction, with the expanded products, services, locations and offerings that they will bring to our customers and employees.”

Aberle said that both institutions “share common core values, with the utmost focus placed on the wellbeing of their customers, communities, and employees, throughout each institutions’ long histories.”

Following completion of the transaction, all of Security State Bank’s 12 branches located in Lewis, Thurston, Pacific,and Grays Harbor counties will be transferred to Gesa and become part of its member and branch service system.

"Both Gesa and Security State Bank have shared the same values for over 70 years, with an unwavering dedication to the communities we serve," said Don Miller, president and CEO of Gesa Credit Union. "This shared commitment has brought us together and fueled our decision to enter this agreement, acting as a catalyst for Gesa to continue to expand our footprint and service in the Pacific Northwest. We are truly excited about the prospect of empowering new communities and assisting more people on their financial journeys."

According to the release, the transaction has been unanimously approved by the boards of directors of both institutions.

Consummation of the transaction remains subject to regulatory approval and approval by the shareholders of Security State Corporation. Following completion of the transaction, Security State Corporation and Security State Bank will each dissolve, and the corporation will thereafter distribute its remaining assets to its shareholders, according to the release.

Security State Bank customers and Gesa Credit Union members should continue to conduct their business as usual, Gesa Credit Union stated.

Security State Bank was incorporated in 1903 in downtown Chehalis with start-up capital of $15,000, according to previous reporting by The Chronicle.