Sep. 12—Albuquerque-based Sandia Laboratory Federal Credit Union plans to take control of Mountain America Credit Union's local operations through an acquisition, the financial institutions announced Thursday.
Already approved by the National Credit Union Administration, the acquisition for SLFCU is awaiting a final vote from Mountain America's members. Mountain America, based in Utah, will over the next few months operate under its banner in Albuquerque until the acquisition is approved.
"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."
The acquisition follows another by a local credit union announced last month as U.S. Eagle, also based in Albuquerque, said it plans to acquire Southwest Capital Bank — a move that will bolster the credit union's cannabis lending and banking services across New Mexico.
The acquisition of Mountain America's Albuquerque operations for SLFCU, however, will add to its growing presence within the city and state.
Mountain America currently has two locations in Albuquerque — one on Golf Course Road on the West Side and another near Paseo Del Norte Boulevard and Ventura Street — that SLFCU will take over. SLFCU also broke ground in 2023 on a branch on Rio Grande Boulevard, which opened earlier this year. And in 2021, SLFCU took over the former Animas Credit Union, which expanded its presence in Farmington.
SLFCU officials said in a news release that the acquisition supports the credit union's long-term plans of "redefining the cooperative spirit in financial services and being the economic engine of the southwest," noting that folding in Mountain America will increase its overall footprint to 15 locations — it has one in Livermore, Calif. — and will increase total assets to $4.3 billion. SLFCU will also add 15 employees with the acquisition.
Mountain America will also remain a sizable operation — just not in New Mexico — as the credit union has dozens of branches across five other states, including in neighboring Arizona, Nevada, Idaho, Montana and Utah.
"Our primary objective was to find a partner as committed to taking care of members and employees as we are," Mountain America President and CEO Sterling Nielsen said in a statement. "SLFCU shares many of our values, service orientation, our mission to deliver quality service and technology, and to provide valuable financial guidance."