New Mexico Credit Union Plans New $15 Million Headquarters

To accommodate its membership, loan and employee growth, the $558 million First Financial Credit Union in Albuquerque, N.M. is building a $15 million, 40,000-square-foot headquarters that will house a full-serve branch and drive thru, with a 3,700-square-foot covered patio on its second floor, a perfect location to enjoy New Mexico’s crystal blue skies, dramatic sunsets or the renowned Albuquerque International Balloon Festival held every October.  

Although the credit union is moving its current headquarters from downtown Albuquerque where it has been since 1992, the new headquarters will remain within the city proper on a 12.5-acre site that can also accommodate future expansions.

The office floor plan will be open with more conference room spaces equipped with Microsoft Surface 2 technology that will facilitate a collaborative work environment among employees.

The building, which will also house a large community room and double as a conference or employee training room, is expected to be completed by December 2020 or January 2021. About 125 employees are expected to move in and that number of employees is expected to grow to about 170 within five years.

“The new headquarters was designed to be high tech and high touch so we can serve members more,” First Financial CU President/CEO Ron Moorehead. 

Indeed, over the last five years, the credit union has seen its members grow from 57,913 in March 2014 to its current membership of 80,248.  By members, First Financial CU is New Mexico’s third largest credit union and eighth largest by assets. 

What’s more, in addition to its asset growth from $427 million to $558 million over the last five years, its total loan portfolio has increased from $272 million in 2014 to $417 million as of the end of this year’s third quarter.

Moorehead said the credit union has been able to attract new members with a Kasasa checking and debit account product that pays members back about $150 a year, lower fees than bank competitors and an alternative loan product for members that have been ensnared by predatory payday lenders.

“The idea is to get people away from predatory lenders, and we’ve got some pretty good growth from that, and we’re picking up a lot of people of modest means who are tired of the fees from some of the big banks,” Moorehead explained. 

First Financial also has several dozen certified financial counselors that provide personalized advice and guidance for members facing money challenges. 

“Two out of three New Mexicans belong to either a bank or they are under or unbanked. Only one out of three New Mexicans belongs to a credit union,” Moorehead said.  “So there are plenty of folks out there to sign up as new members.”