Sandia Laboratory Federal Credit Union to Acquire New Mexico-based Business from Mountain America Credit Union
Acquisition expands Sandia Laboratory Federal Credit Union’s Albuquerque presence and brings new products and services to Mountain America Credit Union members.
Sandia Laboratory Federal Credit Union (SLFCU) and Mountain America Credit Union announced today that SLFCU has entered into an agreement with Mountain America Credit Union to acquire the portion of Mountain America’s business located in Albuquerque, which it will be spinning off to focus on other geographies. The acquisition, approved by the National Credit Union Administration, will be completed pending approval through a vote by the transitioning Mountain America Credit Union members.
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. 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. Bringing on 15 new employees further enhances SLFCU team's talent and expertise in supporting members.
“Like Mountain America Credit Union, we are a values-based organization that takes pride in putting our members first,” said Steph Sherrodd, SLFCU President and CEO. “This acquisition accelerates our goal to provide an experience that makes banking better for more individuals in New Mexico.”
“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 President and CEO. “SLFCU shares many of our values, service orientation, our mission to deliver quality service and technology, and to provide valuable financial guidance.”
The acquisition will build on SLFCU’s recent expansion in early 2024 with the opening of their Rio Grande branch where they now offer leading financial services and a reimagined banking experience to members in Albuquerque’s Old Town area.
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.
