El Paso-based GECU has completed its acquisition of Bank of the Southwest, expanding its presence in New Mexico. GECU said the combined institution has $4.9 billion in assets and serves more than 449,000 members. The deal took effect Nov. 1 after approval from the National Credit Union Administration, the Federal Deposit Insurance Corp. and the New Mexico Regulation and Licensing Department.
Bank of the Southwest was founded in 1992 and is headquartered in Roswell. It operates 11 branches in New Mexico. The bank will operate as BOSW by GECU, with the two organizations functioning as independent divisions during a phased integration. GECU said customers will see no immediate changes to their accounts or services.
GECU President Alex Rascón said in an email to customers that the company will keep customers informed as the two organizations combine under the GECU name. GECU announced its intent to acquire the bank in November 2025 in an all-cash transaction. Financial terms were not disclosed.