Connect with us

New Mexico

Mountain America exiting New Mexico with branch deal

Published

on

Mountain America exiting New Mexico with branch deal


Mountain America Credit Union, one of the nation’s largest, plans to exit New Mexico with a branch deal expected to close early in 2025.

Paul Brady/pabrady63 – stock.adobe.com

A New Mexico-based credit union is bulking up in its home town, acquiring two branches from the $20.3 billion-asset Mountain America Credit Union in Sandy, Utah. 

Members of Mountain America’s two branches in Albuquerque, New Mexico, approved the transaction earlier this month, paving the way for their acquisition by Sunward Credit Union. Expected to close early next year, the deal will result in Mountain America’s exit from New Mexico. No terms were disclosed. 

Advertisement

Mountain West said in a press release it entered into the agreement with Sunward to focus on other geographies. Mountain West operates more than 100 branches in Utah, Nevada, Arizona and Idaho. A spokesperson had not responded to a request for comment at deadline. 

For the $4.2 billion-asset Sunward, founded in 1948 by employees of Sandia National Laboratories, Albuquerque is a core market. Sunward’s presence includes its headquarters and six other branches. “This addition will strengthen our position and ability to deliver on our goal of making banking better in the Southwest, and in New Mexico specifically,” Sunward CEO Steph Sherrodd said in a press release. 

Albuquerque credit unions have been active acquirers in 2024. The most prominent deals, however, involved banks. In March, the $4.9 billion-asset Nusenda Credit Union completed a deal to acquire the $327 million-asset Western Heritage Bank in Las Cruces. In August, the $1.5 billion-asset U.S. Eagle Credit Union said it planned to acquire the $475 million-asset, Albuquerque-based Southwest Capital Bank. No terms were announced in either instance. 

Branch sales between credit unions are relatively infrequent events, with about five taking place in any given year, Michael Bell, a partner with the Honigman law firm who specializes in credit union deals, said Tuesday in an interview. Like Mountain America’s agreement with Sunward, most involve one institution seeking to “right-size its footprint,” Bell said. 

Michael Bell, an attorney for Royal Credit Union.

Michael Bell

While credit union branch deals typically involve cash consideration for property, as well as a deposit premium, “I do believe there is an altruistic motive as well,” with sellers often concluding the buyers can better serve their members, Bell said. 

Advertisement

Bell expects branch sales to occur more frequently, with credit unions that have shifted from  employment-based fields of membership to ones that are geographically-oriented moving to exit markets that made sense once but are now distant from the core service area. 

“Many credit unions do have odd footprints based on their historical genesis,” Bell said.

Sunward underwent a name change, from Sandia Laboratories Federal Credit Union, earlier this month. 

 



Source link

Advertisement

New Mexico

New Mexico Gov. calls for special session regarding SNAP benefits on Nov. 10

Published

on

New Mexico Gov. calls for special session regarding SNAP benefits on Nov. 10


SANTA FE, N.M. (KRQE) — New Mexico Gov. Michelle Lujan Grisham announced on Thursday afternoon that she is calling a special legislative session to extend state-funded food benefits back to New Mexicans. This session on Monday, Nov. 10 at the State Capitol in Santa Fe is expected to last one day.

The session is happening 10 days after the governor released $30 million in emergency state funding to New Mexico residents using SNAP. This funding will run out on Monday, according to the governor’s office.

House Republican Leader Gail Armstrong issued this statement in response to the special session:

“We are being called into another special session because Senators Luján and Heinrich are refusing to fund SNAP benefits for the neediest New Mexicans. I would much prefer the Governor use her authority and influence to urge our Senate delegation to end this crisis by voting to reopen the federal government. Instead, they are holding vulnerable New Mexicans hostage for political leverage. The people of this state deserve more than the costly and dangerous political games Senators Luján and Heinrich continue to play.”

Advertisement

Lt. Gov. Howie Morales is expected to serve as acting governor during the special session, while Gov. Grisham attends the U.N. Climate Change Conference.



Source link

Continue Reading

New Mexico

How one family is feeling the impact of the longest government shutdown

Published

on

How one family is feeling the impact of the longest government shutdown


Many families across the country are feeling hopeless as federal employees continue to work without pay during what is now the longest government shutdown ever.

ALBUQUERQUE, N.M. – Many families across the country are feeling hopeless as federal employees continue to work without pay during what is now the longest government shutdown ever.

A New Mexico man, Jason Richards, reached out to KOB 4 sharing his frustration with Congress. Richards has a unique experience with shutdowns, going through several during his 21 year career as a Chief of Interpretation for the National Park Service.

For Richards, seeing the Petroglyph National Monument gates locked brought some tears to his eyes.

Advertisement

“It makes me emotional. It does. It’s sad, but it’s Congress’s fault. It’s not the American people’s fault. It’s Congress. Both sides are guilty,” said Richards.

Richards told us while some trails remain open, he’s worried for the safety of visitors and the public lands themselves as park rangers are not able to work full-time due to the shutdown.

“That’s my land out there. That’s your land out there. That’s our cameraman’s land out there,” Richards said. “It doesn’t belong to Congress. It belongs to the American people. Tear the gate down.”

A multi-generational problem

The pain is personal as Richards’ daughter followed in his footsteps and now works for the National Park Service on the East Coast. She hasn’t seen a paycheck since before the shutdown.

“She’s calling me and crying, saying, ‘Daddy, I don’t know what to do. I can’t pay my mortgage. I’m having hard time with getting food on the table.’ And her husband works for the government also.”

Advertisement

KOB 4 also spoke to his daughter, Amberleigh Leitenberger, on the phone Wednesday afternoon. She told us, “I’m extremely passionate about the Park Service and the Park Service mission and being second generation is really important to me. But, it’s very difficult to have to go through this repeatedly.”

When we asked Richards if there is any hope left for him and his daughter, he said, “No, there isn’t.”

Richards says he only asks now for Congress to listen to the American people and do what is best for them, not their agendas.



Source link

Advertisement
Continue Reading

New Mexico

A look at results across Northern New Mexico

Published

on

A look at results across Northern New Mexico


Santa Fe County

Santa Fe mayor: City Councilor Michael Garcia has been declared the winner after the tabulation of the ranked choice votes. He led in the first round with 36% of voters, while Oscar Rodriguez trailed with 23%, Ron Trujillo with 14%, County Commissioner Justin Greene with 10%, JoAnne Vigil Coppler with 8%, Tarin Nix with 6%, Letitia Montoya with 3% and Jeanne O’Dean with 1%. The candidates were vying to succeed Mayor Alan Webber, who is not seeking reelection.

Santa Fe City Council District 1: Pat Feghali, who has been declared the winner after the tabulation of the second-round ranked choice votes, led with 40% in the first round, while Katherine Rivera and David Montoya trailed with 30% each. The candidates were vying to succeed Councilor Signe Lindell, who is not running for reelection.

Advertisement

Los Alamos County

San Miguel County

Rio Arriba County

Advertisement

Taos County



Source link

Continue Reading

Trending