UPDATE ON BANK OF THE SOUTHWEST AND GECU’S NEXT CHAPTER

Dear Customer,

We're proud to share that GECU Federal Credit Union (GECU) received regulatory approval from the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC), and the New Mexico Regulation and Licensing Department, Financial Institutions Division (NMRLD) to acquire Bank of the Southwest.

This is a significant milestone for our organizations. Following the completion of the acquisition, the new entity will become a $4.9 billion credit union serving more than 449,000 members nationwide and beyond. Through our combined effort and with your support, we can strengthen the impact of serving our customers, which remains the driving force in our commitment to being your financial pillar and a trusted resource. This approved acquisition allows us to continue to enhance our technology and transform digital experiences while ensuring seamless service for our customers wherever they are.

We remain deeply committed to community development, financial education, and partnerships that drive economic opportunity. In the coming months, we will begin our phased approach of integrating our processes. During this time, there will be no changes to account access, service, or day-to-day operations.

Thank you for your continued trust and support. It is because of you—our customers—that we are able to grow, evolve, and strengthen the services we provide. We remain deeply committed to serving your financial needs today, and for generations to come.

Sincerely,

Andrew Hogan

Bank of the Southwest CEO

Alex Rascón

GECU President and CEO