State of New Mexico flag. Credit/Shutterstock
Nearly three months after the Sandy, Utah-based Mountain America Credit Union announced its plans to exit New Mexico by spinning off its two branches in Albuquerque to Sunward, formerly Sandia Laboratory Federal Credit Union, the credit unions announced Monday that the acquisition has been approved by a favorable membership vote.
The Albuquerque, N.M.-based Sunward ($4.1 billion in assets, 153,149 members) will acquire both Mountain America Credit Union ($20.2 billion in assets, 1.2 million members) branches in Albuquerque – increasing Sunward’s total branch footprint to 15 locations.
“We are excited to welcome members and employees from Mountain America Credit Union to Sunward,” Steph Sherrodd, Sunward's president/CEO, said. “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.”
Officials stated the acquisition will be completed sometime in the first quarter of 2025.
“I am confident that Sunward will be an excellent financial partner for our members,” Sterling Nielsen, Mountain America president/CEO, said. “We chose Sunward because they share our commitment to care for members and employees and are aligned with our values and dedication to quality service.”
Spin-offs are a rarity for credit unions. The vote by Mountain America members follows the second time such a transaction has taken place in 2024.
In April, members of the Deptford, N.J.-based First Harvest Credit Union approved a spin-off of the credit union's branch in Williamsport, Pa., to Members 1st Federal Credit Union in a transaction that will essentially transfer the branch without a financial gain for First Harvest.
Spin-off discussions began in October 2023 when board members at First Harvest ($452 million in assets, 47,315 members) met with the board of Members 1st ($7.4 billion in assets, 573,603 members). In November, the boards submitted an application for a spin-off of the Williamsport branch from First Harvest to Members 1st.
NCUA officials approved the spin-off on Feb. 12.
For this spin-off transaction, Sunward will acquire Mountain America’s staff and membership from the two Albuquerque branches.
According to Monday’s announcement, the two Mountain America Credit Union branches will continue operating under their current name, serving their existing members until the transition is complete. “Transitioning Mountain America Credit Union members can expect ongoing communications through the closing date about the timeline and next steps,” the statement read.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
