Albuquerque, New Mexico Skyline at sunset.
First Financial Credit Union in Albuquerque will become New Mexico’s newest billion-dollar financial cooperative after it completes its merger with Southwest Federal Credit Union, also based in Albuquerque, on July 1.
During a special membership meeting on Tuesday, the $78 million Southwest Federal Credit Union said that 88% of its members voted in favor of the consolidation with the $964 million First Financial Credit Union while 14% opposed it.
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The combined organization’s 311 employees will manage more than $1 billion in assets, $695 million in loans and operate 17 branches serving more than 98,000 members.
The organizational culture and missions for both credit unions are well aligned and will continue to meet the financial needs of the underserved in urban and rural New Mexico.
Both credit unions share a similar history in serving the financial needs of employees who work in the public utilities industry. Employees of Albuquerque Gas and Electric founded Southwest FCU in 1935 and employees of the local Albuquerque telephone company established First Financial in 1937.
“This makes our merger a uniting of the credit unions of the major public utilities of our state,” Southwest FCU said in a prepared statement.
“Over the years many other sponsors have been added to both credit unions. The board of directors of Southwest wishes to thank the many stakeholders that have contributed to the proud legacy of service to our members: The members themselves, the volunteers in various capacities and the staff.”
Southwest FCU President/CEO Randy Lunsford said he plans to retire in September after Southwest FCU’s system integration with First Financial is completed.
Peter Strozniak can be reached at [email protected].
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
