New Mexico

Mountain America exiting New Mexico with branch deal

Published

1 year ago

November 26, 2024

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.

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.

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.

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New Mexico

Grass fire burning thousands of acres in Quay County

Published

4 hours ago

March 27, 2026

Press Room

Grass fire burning thousands of acres in Quay County

QUAY COUNTY, N.M. – A grass fire has burned an estimated 1,000-2,000 acres near San Jon in Quay County.

Emergency crews say the Old 66 Fire is threatening structures, and remains 0% contained.

The New Mexico Forestry Division said crews discovered the fire at 12:30 p.m. Friday, March 27 east of San Jon, north of Interstate 40 in Quay County.

Smoke is visible from Interstate 40 and surrounding areas.

The fire is on private land and the cause remains under investigation.

State Road 469 is closed at Main Avenue. Officials said local residents should use caution and avoid the area.

Structures threatened include a wind farm to the southwest.

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