With the addition of Kirtland Federal Credit Union, with $760 million in assets, Sandia Laboratory Federal Credit Union will grow to over $3 billion in total assets
Merged Institutions will have $3 billion in Assets
BY ABQ FREE PRESS WEEKLY STAFF
Two large federal credit unions in Albuquerque are merging to create the single largest financial institution in New Mexico.
Sandia Laboratory Federal Credit Union and Kirtland Federal Credit Union say they’ll merge. The two institutions will continue operating under their respective names while they work on integrating their organizations. No layoffs at the combined 14 locations are planned or anticipated.
The 130,000 combined members will be able to leverage the benefits of increased locations and services, pending approval of the National Credit Union Administration, they said in a news release.
The respective boards voted to move forward with the merger following unanimous votes. Sandia Laboratory Federal Credit Union President and CEO Robert S. Chavez will lead the organization.
With the addition of Kirtland Federal Credit Union, with $760 million in assets, Sandia Laboratory Federal Credit Union will grow to over $3 billion in total assets. The combined institution will be the largest New Mexico-based financial institution. Even though both credit unions are financially sound, the National Credit Union Administration, a Federal regulatory agency, will review the proposed merger, the two credit unions said in the statement.
“Both great institutions are joining forces to create a credit union able to offer even higher levels of service to its members, and one that is much more robust and well situated for the future,” said Robert Chavez, President/CEO of SLFCU. “We are excited to welcome Kirtland Federal Credit Union to the family.
“It was a tremendous opportunity for our members,” said David Seely, President/CEO of KFCU. “This move gives us the ability to provide expanded capabilities and superior benefits to our members and our employees.”
Kirtland Federal Credit Union members will have to vote on the new partnership, according to federal regulations. Since Sandia Laboratory Federal Credit Union will retain the surviving charter there is no regulatory requirement for its members to vote. After an affirmative vote by the Kirtland membership, approval will be needed from the National Credit Union Administration.