Sunward acquisition of Mountain America’s ABQ operations one step closer following member approval

Members of a credit union being acquired by Sunward, formerly Sandia Laboratory Federal Credit Union, have voted yes to the deal — one of the final steps to push the purchase of Utah-based Mountain America Credit Union through in the first quarter of 2025.

Officials from the two financial institutions said the deal, announced in September, has already been approved by the National Credit Union Administration. With the acquisition, Sunward, which underwent a rebrand this month, will acquire two of Mountain America’s Albuquerque branches, giving the credit union 15 locations across New Mexico and California.

“We are excited to welcome members and employees from Mountain America Credit Union to Sunward,” Sunward President and CEO Steph Sherrodd said in a statement. “This addition will strengthen our position and ability to deliver on our goal of making banking better in the Southwest, and in New Mexico specifically.”

The acquisition gives Sunward a larger member share in the New Mexico market. It has about $4.1 billion in managed assets spread across more than 150,000 members, Sunward officials said. Mountain America’s local member count isn't clear, but the financial institution has more than a million members and $19 billion in assets spread across states including Arizona, Nevada, Idaho, Montana and Utah.

The acquisition also comes as other local financial institutions have made deals of their own. For instance, Nusenda Credit Union finalized its acquisition of Western Heritage Bank earlier this year, giving the state’s largest credit union a larger presence in southern New Mexico and El Paso. U.S. Eagle also announced its plans to acquire Southwest Capital Bank, bolstering its cannabis lending and banking services, as well as giving it a presence in northern New Mexico. And Capra Bank, an Iowa-based financial institution, opened its first New Mexico branch in Downtown Albuquerque.

Sunward officials said Mountain America will operate under its banner until the acquisition is complete next year, noting that Mountain America members “can expect ongoing communications through the closing date about the timeline and next steps.”

“I am confident that Sunward will be an excellent financial partner for our members,” Mountain America President and CEO Sterling Nielsen said in a statement. “We chose Sunward because they share our commitment to care for members and employees and are aligned with our values and dedication to quality service.”