ALBUQUERQUE, N.M. – The $4-billion Nusenda Credit Union here has agreed to buy $338-million Western Heritage Bank, a state-chartered bank based in Las Cruces, N.M.
The deal will give Nusenda six more offices, bringing its branch total to 29. When the combination is complete Nusenda will have more than 800 employees and more than 260,000 members. Las Cruces is more than 220 miles south of Albuquerque.
The transaction is expected to close in late 2023 or early 2024 and is subject to standard closing conditions as well as shareholder and regulatory agency approvals, according to the credit union.
‘Similar Beliefs’
“The combination of our two community focused institutions that share similar beliefs about customer service, community impact, and employee well-being will be beneficial to Nusenda Credit Union members and to Western Heritage Bank customers in the Borderplex region,” said Nusenda President and CEO Joe Christian in a statement. “Our cultures are strongly aligned, and we share a focus on putting people first. Providing local communities and businesses with best-in-class products and services, and supporting our employees, is a priority for both organizations.”
Added Greg Cory, president and CEO of Western Heritage Bank, "This is a win-win for both of our organizations and the people we serve. Nusenda is recognized year-over-year as a top financial institution, winning ‘best bank’ and ‘best credit union’ awards and ‘top workplace’ honors. We are excited to bring additional resources to our clients and plan to continue our tradition of serving our local communities."
The Bottom Lines
Nusenda posted $27.3 million during 2022 and $7.8 million through Q1 2023. Capital stands at 9.39% and ROAA .76%. Western Heritage Bank made $4 million in 2022 and $1.6 million through Q1 2023.
"Nusenda Credit Union lives by the philosophy of people helping people, just as Western Heritage Bank is committed to its connection to community and its clients,” added Christian in a statement. “The addition of their talent and expertise to our credit union will be transformative and have a significant positive impact on our operations and services. We are creating places of ample economic opportunity for members, businesses, and communities."
‘Could be Record Year’
“Last week we announced that All In Credit Union intends to buy SunSouth Bank, and as I said then, activity levels remain high. There are more deals in the pipeline, I do think we will finish the second half of this year with a material number of deal announcements.
Bell, a partner and co-chair of the Financial Institutions Practice Group at Honigman, LLP, which is representing Nusenda, has been involved in approximately 50 whole-bank agreements plus additional bank branch purchases.
Additional details on the All In CU acquisition of the bank can be found here.