GECU Completes Acquisition of Bank of the Southwest
El PASO, Texas — Nov. 2, 2026 — GECU Federal Credit Union (GECU) today announced the completion of its acquisition of Bank of the Southwest (BOSW), now operating as BOSW by GECU, expanding its presence across New Mexico. The combined organization is now a $4.9 billion credit union serving more than 449,000 members nationwide, and one of the largest locally owned federal credit unions in Texas and New Mexico.
Until the organizations officially combine all products and services, which is expected to be in June 2027, BOSW by GECU will continue to operate separately from GECU regarding branch operations, online service channels, and financial services.
"This acquisition is about growing the credit union movement and expanding our people helping people philosophy," said Alex Rascón, President and CEO of GECU. "BOSW customers will continue to see the same faces they know and trust while gaining access to an expanded range of financial products, services, and digital conveniences. Together, we're building on BOSW's longstanding commitment to this community and creating even more opportunities to help individuals, families, and businesses achieve their financial goals."
The acquisition received official regulatory approval from the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC), and the New Mexico Financial Institutions Division in August 2026.
About GECU
GECU was founded in 1932, manages $4.9 billion in assets and serves more than 449,000 members nationwide. GECU offers a full range of financial services, including online banking, checking and saving accounts, mortgages, auto loans, personal loans, credit cards, and free financial coaching. Their mission is to provide members with convenient, superior financial products, and services that pave the way to financial freedom. Federally insured by NCUA. Equal Housing Lender. For more information, visit http://www.gecu.com.
About BOSW by GECU
Founded in 1992 and acquired by GECU in August 2026, BOSW by GECU operates 11 locations and 12 ATMs in communities across New Mexico. BOSW by GECU offers a full range of financial products and services and is committed to helping individuals, families and businesses achieve their financial goals. For more information, visit bosw.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to the 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.
