GECU Announces Intent to Acquire Bank of the Southwest, Expand in New Mexico

Combined entity will provide more innovative financial solutions and services across Texas and New Mexico communities

EL PASO, Texas — November 17, 2025 — GECU, El Paso's largest locally owned federal credit union, announced that it has entered into a definitive agreement to acquire substantially all the assets and all the liabilities of Bank of the Southwest, a New Mexico-based bank operating in 11 locations throughout New Mexico, in an all-cash transaction. Following completion of the acquisition, which is subject to approval from the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC) and the New Mexico Financial Institutions Division, the combined entity is projected to emerge as a $4.7B organization serving more than 440,000 members and customers. The proposed acquisition received the unanimous support of GECU’s and Bank of the Southwest’s Boards of Directors and their respective leadership teams.

Members and customers will experience no immediate changes as the two organizations will operate independently, pending regulatory approval and satisfaction of other closing conditions. Upon completion of the transaction and systems integration, the combined organization will operate under GECU’s name. The President and CEO of GECU, Crystal Long, will lead the new entity.

“We have a vision of expanding our positive impact to help even more people and families on their financial journey and this acquisition brings us closer to this mission,” said Crystal Long, President and CEO of GECU. “Bank of the Southwest has been a cornerstone of the New Mexico financial community, and we look forward to building on their legacy by offering our range of exceptional financial products and services and instilling our people helping people philosophy.”

K. Andrew Hogan, CEO of Bank of the Southwest, commented, “We’re excited to join GECU as they expand in New Mexico. GECU’s commitment to employees, members, and communities aligns perfectly with our values at Bank of Southwest. Together we look forward to enhancing our ability to expand commercial lending and our offerings to more communities in New Mexico with GECU’s robust products and services and advanced technology solutions.”

Doeren Mayhew Advisors, LLC is serving as financial advisor and Luse Gorman, PC is serving as legal counsel to GECU.  Olsen Palmer LLC is serving as financial advisor and Fenimore Kay Harrison LLP is serving as legal counsel to Bank of Southwest. 

About GECU

GECU was founded in 1932 in El Paso, Texas, and manages $4.43 billion in assets and serves more than 439,000 members. While rooted in El Paso, Texas, GECU has expanded across Texas and New Mexico, and operates 26 branch locations and offers access to more than 80,0000 surcharge-free ATMs. GECU offers a full range of financial services, including traditional banking, online banking, mortgages, financial coaching, various consumer loans, and insurance services. The GECU Foundation was established in 2007 and is committed to contributing to the growth and welfare of the communities we serve through fundraising, volunteerism, and philanthropic giving. GECU was named one of Texas’s Best-in-State Credit Unions by Forbes in 2024. Federally insured by NCUA. Equal Housing Lender. For more information, visit www.gecu.com.

About Bank of the Southwest

Founded in 1992, Bank of the Southwest has $186.8 million in total assets and operates 11 locations and 12 ATMs in communities including Roswell, Hatch, Farmington, Las Cruces, Truth or Consequences, Bloomfield, Kirtland, and Elephant Butte in New Mexico. For more information, visit www.bankofsw.com.

Forward-Looking Statements

This press release contains forward-looking statements relating to the proposed transaction. Forward-looking statements reflect management’s expectations for future results, and are not statements of historical or current facts. Such statements often include words like “believe,” “expect,” “anticipate,” “estimate,” “intend” or similar terminology. Various factors could cause actual results to differ materially from those expected, including our ability to receive all regulatory approvals in a timely manner, delays in completing the transaction, legislative and regulatory changes that adversely affect the credit union and banking industries, and other factors. Except as required by law, we do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.