Where it all began

Nusenda Credit Union’s history has been filled with both successes and challenges that have driven innovative thinking and bold transformations, molding us into the strong and secure financial institution we are today.

Our story begins with Maurine Grammer — a teacher, writer, appraiser of Native American art, and wife to Native American rights lawyer David A. Grammer.

In 1935, she discovered that the U.S. government had made it possible for many groups to form credit unions. Having dedicated most of her life to improving the state of New Mexico, Maurine saw an opportunity to do something good for her community. As president of the Albuquerque Teacher’s Association at the time, she approached Albuquerque High School Principal J.R. McCollum to discuss the possibilities.

In December 1935, Maurine, J.R., and seven other individuals applied for a charter to form a credit union. On February 29, 1936, the Albuquerque Public Schools Federal Credit Union (APSFCU) was founded to serve "the employees of APS, members of their immediate families, and any associations of such employees." Maurine remained an active member of the Credit Union until her death at age 101. Now, 90 years later, the founding relationship between Nusenda and APS continues to grow and thrive, based on the needs of teachers, staff, students, and the communities both organizations serve.

  • 1930
  • 1940
  • 1950
  • 1960
  • 1970
  • 1980
  • 1990
  • 2000
  • 2010
  • 2020

1930

1930's

1930

During the Great Depression, many banks failed or were unable to lend money. Credit unions played a critical role in providing much-needed credit to individuals and small businesses.

1934

1934

The Federal Credit Union Act is signed by FDR to make credit available to members.

1935

1935

Maurine Grammer, President of the Albuquerque Teacher’s Association, and 8 other individuals — J.G. Berry, Mrs. J.G. Berry, Mrs. Marion Hageman, Zadah Mudgett, J.R. McCollum, Harry Hogrefe, Mrs. Jeanie Weeden, and Geo. F. Mitchell — apply for a charter to form our credit union, which was approved in 1936.

1938

1938

Our credit union has $2,611 in loans, more than doubling from the previous year and has made 62 loans to members since its founding.

1940

1945

1945

As a part of the U.S. war effort during World War II, credit unions sell 12 million war bonds with a purchase price of $404 million – that equals more than $5.7 billion in 2018 dollars.
1948

1948

The first Credit Union Day is observed. It becomes International Credit Union Day, celebrated worldwide every third Thursday of October.

1950

1950

1950

A brand new Chevrolet sedan costs $1,450 and the median single family home value is $7,354.
1951

1951

The first regularly-scheduled color TV program was introduced by CBS, “The World Is Yours!”
1954

1954

The credit union's Chair is Ruth Craft.

1958

1958

The credit union's Chair is Donald Allen.
1959

1959

The credit union's Chair is Ramon Huerta, an APS teacher at Highland High School, State Legislator, and World War II veteran. 

1960

1960

1960

A gallon of milk costs 95 cents, postage stamps are 4 - 6 cents, and a new Volkswagen costs $14,324.
1965

1965

Our credit union has $784,310 assets and 1,773 members.

1966

First million dollars in assets achieved. 
1967

1967

The first ATM (automatic teller machine) is installed by Barclays in London. 
1968

1968

Credit union’s field of membership grows to include employees of Albuquerque Technical Vocational Institute (TVI), now Central New Mexico Community College (CNM).

1969

The first U.S. ATM opens.

1970

1970

1970

The National Credit Union Administration (NCUA) is established by Congress to insure deposits at federally insured credit unions.

1973

Joseph S. Coey named Credit Union Manager. 
1974

1974

On October 28, the Equal Credit Opportunity Act (ECOA) is passed, allowing U.S.  women to gain the legal right to take out loans and credit in their own name, without requiring a male co-signer.

1975

A student credit union is established at Highland High School, giving students an educational opportunity to run their own credit union. 

1976

Established a medical and dental plan for credit union team members.
1978

1978

Merger with Indian Capital Teachers Federal Credit Union in Gallup, expands membership.

1979

Added Albuquerque Classroom Teachers Association, establishing the Gallup branch. 

1980

1980

Marilyn Jo Hatcher is elected as Chair for the credit union. She serves until 1982. 

Joseph S. Coey named President.

1981

1981

The credit union has three branches, $26,917,352 in assets, and 19,325 members.

1982

1982

The credit union's name is changed to New Mexico Educators Federal Credit Union to reflect membership growth among education-related employees and family members.

Credit union introduces 24-hour ATMs at Main and UNM offices.

1984

1984

Members of La Montañita Food Co-op become eligible for membership.

1985

Construction begins on Louisana Plaza branch in Albuquerque with an opening in April 1986. 
1986

1986

The credit union merges with Curry Credit Union in Clovis, New Mexico, adding 1,400 members and $2 million in assets, and Construction Crafts Federal Credit Union, adding 1,300 members and $600,000 in assets.

1990

1990

1990

“First-time owners” homebuyer program launches and Credit Union Auto Buying Service, Inc. offers new automobile leasing program for members.

1992

1992

Drive-up services are offered.

1995

The credit union introduces a site on the World Wide Web and electronic mail (email).

Merger with Taos County Schools Credit Union expands membership in Taos. 

1996

1996

First credit union in New Mexico to offer internet banking.

1998

1998

The credit union reaches $452,662,273 in assets and 60,200 members.

2000

2000

Terry Laudick is named President and CEO.
2002

2002

The credit union has 251 team members, 75,731 members, 12 branches, and $592 million in assets.

2006

2006

Community Rewards®, a flagship program available to all members with personal checking accounts, helps members earn cash back while supporting community initiatives they care about.
2007

2007

The credit union sponsored the University of New Mexico in establishing a wireless network on their main campus.

Cottonwood and Enchanted Hills branches open.

2008

2008

The Santa Fe La Montañita Co-op branch opens.

The credit union launches Mobile Banking app.

2010

2011

2011

Amid an economic recession, the credit union assists members by lending $98.1 million.

2014

2014

The credit union has more than $1.5 billion in assets, 140,000 members, and 16 branches in Albuquerque, Rio Rancho, Los Lunas, Santa Fe, Taos, and Socorro.

The White House honors our financial capability program successes.

2015

2015

The credit union changes name from New Mexico Educators to Nusenda Credit Union to better reflect expanded membership.
2015

2015

Nusenda Foundation is established. The non-profit provides grants to local organizations to help support vulnerable populations.

The credit union deepens support of Albuquerque Public Schools (APS), naming the Nusenda Community Stadium.

2018

2018

Partnership formed with the University of New Mexico to create the Center for Financial Capability (CFC), providing students with financial literacy tools.

2019

2019

Joe Christian named President and CEO.

2020

2020

2020

In March, COVID lockdown begins across the country. While numerous layoffs occur in the uncertain economy and new landscape, Nusenda Credit Union does not let go of a single team member.
2023

2023

Nusenda partners with NMSU FinTech Lab by gifting $3 million to the NMSU Foundation, providing opportunities for students to focus on financial technology for innovative design.
2024

2024

Nusenda acquires Western Heritage Bank, a state-chartered bank headquartered in Las Cruces, New Mexico. The deal expands the credit union’s presence into West Texas and Southern New Mexico by absorbing Western Heritage’s six branches.

 

2025

2025

The Nusenda Foundation celebrates its 10th anniversay by distributing a record $1 million in annual Community Rewards grants.

Michelle Dearholt named President and CEO. 

Nusenda Credit Union has more than $4.8 billion in assets, 967 team members, more than 280,000 members, and more than 30 branches in New Mexico and West Texas.

Since 2009, more than $90 million has been returned via dividends to our membership through Community Rewards and Earn Your Return Programs.

An Expanding Community

Over the years, the Credit Union membership expanded to assure the strength and stability of the cooperative. Soon others were eligible to become members, including employees and students of other schools both in Albuquerque and nearby Los Lunas and Bernalillo. Educational retirees and employees of the University of New Mexico and University Hospital were also welcomed.

In 1982, to reflect its growth among education-related employees and family members, the Credit Union’s name was changed to New Mexico Educators Federal Credit Union. When it began in 1936, the Credit Union operated out of the office of the secretary at Albuquerque High School. By 2026, we have grown to over 30 branches in Albuquerque, Rio Rancho, Los Lunas, Santa Fe, Taos, Socorro, Deming, Las Cruces, and El Paso.

Nusenda Credit Union — The Power of WE®

Building on nearly a century of experience, relationships and stability, we strive to continue our tradition of evolving to serve our members better. In 2015, we changed our name to Nusenda Credit Union to reflect our expanding capabilities, and we now offer more than 600 ways to join our cooperative. At Nusenda we are passionate about our mission to transform the financial lives of all our members by providing personalized solutions and convenience, technology, and accessibility. We are committed to making a positive difference in the lives of the people we serve and for the communities where we live and work. That’s the Power of WE® in action!