ALBUQUERQUE, N.M. – New Mexico Educators FCU, the state’s second biggest credit union with $1.3 billion in assets, said this afternoon it has agreed to acquire troubled New Mexico Energy FCU, a $49-million credit union also based in Albuquerque.

The combination was initiated in November by the board of the smaller credit union, which has reported losses for each of the past four years and, according to a letter to members, no growth in net worth, membership and net margins, though the credit union is still well capitalized.

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