Mountain America CU to exit Albuquerque through branch sale
The eighth largest credit union in the U.S. says it will focus its energies on other markets.
Sandy, Utah-based Mountain America Credit Union is selling off its operations in Albuquerque, New Mexico, to Sandia Laboratory Federal Credit Union.
Details of the sale were not disclosed.
The $19.6 billion-asset Mountain America, the eighth largest credit union in the country, said it is spinning off its two branches in the market to focus on other geographies.
“Our primary objective was to find a partner as committed to taking care of members and employees as we are,” said Sterling Nielsen, Mountain America Credit Union’s president and CEO, in a press release Thursday. “SLFCU shares many of our values, service orientation, our mission to deliver quality service and technology and to provide valuable financial guidance.”
The deal has been approved by the National Credit Union Administration and now awaits a vote by the impacted Mountain America members.
The $4.1 billion-asset Sandia Laboratory FCU, which is based in Albuquerque, said the deal will further cement its position as the “economic engine of the Southwest.”
“Like Mountain America Credit Union, we are a values-based organization that takes pride in putting our members first,” said Steph Sherrodd, SLFCU’s president and CEO. “This acquisition accelerates our goal to provide an experience that makes banking better for more individuals in New Mexico.”
The deal will increase Sandia Laboratory FCU’s footprint to 15 branches and will add 15 employees to its headcount that serves more than 150,000 members.
The two sides said the transition is expected to be completed during the next few months.
Mountain America, which has 1.3 million members, earned roughly $83.3 million in the first half of 2024, a 26% decrease compared to a year earlier, according to call report data from the NCUA.
Earnings for Sandia Laboratory FCU were up 100% at the end of June to $5.6 million.
“This acquisition accelerates our goal to provide an experience that makes banking better for more individuals in New Mexico.”
– Steph Sherrodd
President and CEO
Sandia Laboratory Federal Credit Union