Sunward completes acquisition of Utah-based credit union’s NM branches

Sunward Federal Credit Union’s acquisition of Mountain America Credit Union’s two Albuquerque locations is officially a done deal, officials announced this week.

Sunward, which rebranded from Sandia Laboratory Federal Credit Union in November, first announced the acquisition of the Utah-based credit union’s Albuquerque locations in September. Transitioning Mountain America members approved the deal just weeks after officials announced it.

“Sunward strives to be the economic engine of the Southwest by making banking better for all, and that mission starts right here in Albuquerque,” said Steph Sherrodd, Sunward’s president and CEO, in a statement. “Welcoming Mountain America Credit Union members and employees to Sunward means more personalized service for more members.”

The deal brings Sunward’s total locations to 15 — the majority of which are in New Mexico — and its total members to over 167,000, according to Molly Lehrsch, a Sunward spokesperson. Sunward, which manages more than $4.1 billion in assets, also has a location in Livermore, California.

With the acquisition, Sunward added just over 15,000 members from Mountain America who now have access to the Albuquerque-based credit union’s personalized services, banking products and additional locations.

Mountain America serves more than a million members across roughly 100 branches. It also manages about $20 billion in assets.

The completed acquisition by Sunward comes as other local financial institutions have made deals of their own.

Nusenda Credit Union finalized its purchase of Western Heritage Bank early last year, giving the state’s largest credit union a larger presence in southern New Mexico and El Paso. U.S. Eagle also announced a plan in August 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 in July.

For more details regarding the acquisition, members can visit gosunward.org/macu/.