Bank of the Southwest, a wholly-owned subsidiary of New Mexico National Financial Incorporated, and GECU announced that they have entered into a definitive agreement whereby GECU will purchase substantially all of the assets and assume substantially all the liabilities of Bank of the Southwest.
Olsen Palmer LLC served as financial advisor to New Mexico National Financial Incorporated.
Following completion of the acquisition, which is subject to approval from the National Credit Union Administration, the Federal Deposit Insurance Corporation and the New Mexico Financial Institutions Division, the combined entity is expected to emerge as a $4.7 billion organization serving more than 440,000 members and customers with more than 30 branches. The proposed acquisition received the unanimous support of GECU’s and Bank of the Southwest’s Boards of Directors and their respective leadership teams.
Olsen Palmer remains a top 3 overall bank M&A advisor nationwide based on the number of transactions advised upon since 2020, according to S&P Global.