Nusenda Credit Union acquiring Las Cruces-based Western Heritage Bank by 2024
LAS CRUCES – Nusenda Credit Union announced Tuesday, June 6 it is in the process of acquiring state-chartered Western Heritage Bank by next year.
Nusenda is a federally chartered credit union based in Albuquerque with locations throughout New Mexico. It was established in 1936.
Western Heritage Bank is a state-chartered bank based in Las Cruces since 2001 with six branches in Las Cruces, Deming and El Paso. The bank is a “wholly owned subsidiary of New Mexico First Financial, Inc.”
Once combined, the companies will boast 29 branches with more than 800 employees serving over 260,000 customers.
Eric Harrison, spokesperson for Nusenda Credit Union, said talks between the two companies started several months ago, during which they discovered they share similar internal cultures and branch locations.
According to a news release, the acquisition is expected to close in 2024. Nusenda noted that the acquisition will lead to more locations and wider access for all clients going forward.
Harrison said Nusenda members will not experience any changes to online banking or access to physical branch locations. However, clients of Western Heritage Bank can expect changes to "their accounts, products, or mobile/internet banking" in 2024. The company will provide details and resources for customers as integration of the two companies gets closer. He added that bank customers will continue to have access to the existing six Western Heritage branch locations.
“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 Joe Christian, president and CEO of Nusenda Credit Union, in a news release.
“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.”
Nusenda has more than $4 billion in assets and Western Heritage has $338 million in assets. Both are rated 5 Stars by Bauer Financial Inc., an independent rating service for banks and credit unions, the company’s superior rating.
“This is a win-win for both of our organizations and the people we serve, said Greg Cory, president and CEO of Western Heritage Bank, in the news release. “We are excited to bring additional resources to our clients and plan to continue our tradition of serving our local communities.”
The acquisition is still subject to shareholder and regulatory agency approvals, according to the news release.
Leah Romero is the trending reporter at the Las Cruces Sun-News and can be reached at 575-418-3442, LRomero@lcsun-news.com or @rromero_leah on Twitter.
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This article originally appeared on Las Cruces Sun-News: Nusenda Credit Union acquiring Las Cruces-based Western Heritage Bank by 2024
