ALBUQUERQUE, N.M.– Sandia Laboratory FCU (SLFCU) and Sandy, Utah-based Mountain America Credit Union said they have entered into an agreement in which SLFCU will acquire two branches operated by Mountain America Credit Union in Albuquerque, along with all related business.
The $19.5-billion Mountain America said in a statement it is “spinning off” the business to “focus on other geographies.” The acquisition, has been approved by NCUA and will be completed pending approval through a vote by the transitioning Mountain America Credit Union members.
Terms of the transaction were not released.
‘Accelerates’ Plan
“The acquisition supports and accelerates SLFCU’s long-term plan of redefining the cooperative spirit in financial services and being the economic engine of the Southwest,” the credit unions said in a statement. “Upon completion of the acquisition, SLFCU will have total assets of approximately $4.3 billion and will increase its footprint to 15 locations, available to all existing and new SLFCU members.”
Fifteen Mountain America employees in the Albuquerque market will move to Sandia Laboratory FCU as part of the deal.
CEOs Issue Statements
“Like Mountain America Credit Union, we are a values-based organization that takes pride in putting our members first,” SLFCU President and CEO Steph Sherrodd said in a statement. “This acquisition accelerates our goal to provide an experience that makes banking better for more individuals in New Mexico.”
Added Sterling Nielsen, president and CEO of Mountain America CU, in a statement, “Our primary objective was to find a partner as committed to taking care of members and employees as we are. SLFCU shares many of our values, service orientation, our mission to deliver quality service and technology, and to provide valuable financial guidance.”
The credit unions said the acquisition will build on SLFCU’s recent expansion in early 2024 with the opening of its Rio Grande branch in Albuquerque’s Old Town area.
Transition to Last Several Months
The transition is set to be completed over the next few months, pending finalization of all closing conditions and member vote. Until the transition is complete, Mountain America Credit Union branches will continue operating under their current name, the credit unions said.
SLFCU has more than 140,000 members and 12 branches in New Mexico and one in Livermore, Calif.
Mountain America has more than 1.26 million members.