GECU completes bank acquisition, expanding in New Mexico.
The El Paso-based credit union now has $4.9 billion in assets and more than 449,000 members, as credit union-bank deals continue across the industry.
GECU has completed its acquisition of Bank of the Southwest, giving the El Paso-based credit union a larger foothold in New Mexico and bringing the combined organization to $4.9 billion in assets and more than 449,000 members.
The former bank, now operating as BOSW by GECU, has 11 locations and 12 ATMs across New Mexico. Its branches, online channels and financial services will continue to operate separately from GECU until the organizations combine their products and services, a process expected to be completed in June 2027.
The acquisition received regulatory approval in August from the National Credit Union Administration, the Federal Deposit Insurance Corporation and the New Mexico Financial Institutions Division.
“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,” Alex Rascón, GECU’s president and chief executive, said in announcing the deal. He said the acquisition would expand the credit union’s ability to serve individuals, families and businesses.
Founded in 1932, GECU is the largest locally owned financial institution in El Paso. It reported $43.4 million in earnings for the first nine months of 2026, down from $46.2 million in the same period a year earlier.
Bank of the Southwest was founded in 1992. GECU announced plans to acquire the New Mexico bank in late 2025. Rascón, a longtime GECU executive, was named the credit union’s president and chief executive in October.
The deal adds to a steady stream of bank acquisitions by credit unions, though the pace of announced transactions has slowed from recent highs. Eight such deals have been announced in 2026, according to data compiled by Tyfone. That compares with 16 in 2025 and a record 22 in 2024, according to S&P Global Market Intelligence.
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The most recent announced deal involved DFCU Financial Credit Union, an $8 billion institution based in Dearborn, Mich., which said it plans to acquire Gulfside Bank in Sarasota, Fla.
For GECU, the acquisition extends its reach beyond its home market while preserving the former bank’s existing operations during the transition. Customers of BOSW by GECU will continue using its current branches and service channels until the planned integration next year.
“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.”
Alex Rascón
President & CEO
GECU
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
