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.
“New Mexico Energy Federal Credit Union’s small size combined with increased competition and economic pressures of the past few years has made it progressively difficult to continue growing our membership and loan base,” said the letter from New Mexico Energy board chair Alesia Bell.
“Additionally, we have struggled with the majority of our members not being able to easily access our office on Kirtland Air Force Base. With these challenges the board of directors decided it would be appropriate to investigate the possibility of merging with another credit union.”