ALBUQUERQUE, N.M. — Merger talks have been called off by two large credit unions in New Mexico.
Sandia Laboratory FCU and Kirtland FCU issued a joint news release saying the cost of a merger outweighed the financial benefits.
Had the combination been completed, the credit unions would have united under a new name, creating the largest financial institution headquartered in New Mexico with a combined membership of 130,000 and over $3 billion in assets.
“Both parties have worked hard over the past ten months to identify and overcome possible barriers to a successful merger,” said Robert Chavez, Sandia Federal’s president and CEO, in a statement. “At this time, we’ve been unable to develop a scenario that’s in the best interests of both sets of members.”
David Seely, Kirtland Federal’s president and CEO, added, “Both organizations remain strong and will continue to prosper in serving their respective fields of membership. In addition, over the past ten months the two credit unions have learned many best practices and innovative processes through information sharing, which will benefit both memberships.”
The $2.4-billion Sandia Laboratory FCU was founded in 1948 and has 290 employees and 86,000 members. The $783-million Kirtland FCU, founded in 1958, has 135 employees and 47,000 members.