First Financial becomes nation’s newest $1 billion-asset credit union
New Mexico now boasts eight credit unions with at least $1 billion of assets after First Financial crossed that threshold through a merger.
First Financial Credit Union, the eighth largest CU based in New Mexico, is poised to cross the $1 billion asset mark through a merger with Southwest Federal Credit Union.
Both institutions are based in Albuquerque and will have a combined membership of just below 98,000.
The $965 million-asset First Financial said the legal merger date is July 1, but Southwest Federal data will not be moved over to the FFCU system until Sept. 1.
The merged credit union will continue under the First Financial Credit Union brand.
The $78 million-asset Southwest FCU said the partnership enhances financial services, expands technology and convenience, and strengthens member value across both institutions.
All current SFCU branches will remain open and will be manned by the existing staff, the companies said.
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The National Credit Union Administration approved 35 mergers during the first quarter of 2025 compared to 26 a year earlier, according to the agency’s Merger Activity and Insurance Report that was released recently.
Credit unions between $1 billion and $10 billion of assets reported loan growth of 5% during 2024. Membership also rose 5%, and net worth increased 9% for those credit unions.
Conversely, credit unions between $50 million and $100 million of assets — including Southwest Federal – saw a 8% decrease in total loans outstanding over the past four quarters. Membership also declined 8%, while net worth fell by 1%.
First Financial has 93,500 members and earned roughly $852,000 in the first quarter of 2025, a 60% increase compared to a year earlier, according to call report data from the NCUA.
Southwest Federal lost $184,000 in the first quarter after reporting losses of more than $679,000 in 2024.
