New Mexico state flag. (Source: Shutterstock)
The $148 million Animas Credit Union in Farmington, N.M., said it plans to merge with the state's largest credit union, the $2.8 billion Sandia Laboratory Federal Credit Union in Albuquerque.
Animas President/CEO Gary Sterton plans to retire in January 2021, according to a prepared statement.
Animas' 41 employees operate three branches and serve more than 13,000 members.
SLFCU said the consolidation will provide Animas' members with additional products, services and access to digital banking upgrades and other financial benefits. The merger will enable SLFCU to diversify its market geographically and demographically, according to a prepared statement.
Pending approvals, the merger is expected to be finalized in the early months of 2021.
In Florida, the $246 million Florida State University Credit Union in Tallahassee completed its merger with the $48.9 million Gulf Power Company Employees Credit Union on Oct. 1.
Former GPCE Credit Union President/CEO Anita Cooper is currently serving as SVP of northwest operations for FSU Credit Union.
GPCE Credit Union's three branches are operating and its 15 employees are working under the FSU Credit Union brand, which will continue serving the merged credit union's 3,213 members.
With $295 million in combined assets under management, FSU Credit Union's branch network expands from seven to 10, while its number of employees increases from 75 to 90 and its membership grows from 25,872 to nearly 30,000.
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