June 6, 2023 - For Immediate Release
Nusenda Credit Union Announces Agreement to Acquire
Western Heritage Bank
Albuquerque, N.M. – Nusenda Credit Union announced today it has signed an agreement to acquire Western Heritage Bank, a state-chartered bank headquartered in Las Cruces, New Mexico.
“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. 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,” commented President & CEO of Nusenda Credit Union, Joe Christian.
Western Heritage Bank has helped build businesses ranging from the agriculture industry to manufacturing operations in the border region. Nusenda Credit Union is the largest locally owned financial institution in New Mexico and is known for its member-focused approach, community involvement, and innovative financial products.
"This is a win-win for both of our organizations and the people we serve," said Greg Cory, President & CEO of Western Heritage Bank. "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."
When finalized, the combined entities will have 29 branches and over 800 employees to serve more than 260,000 members. Nusenda currently has 23 branches from Taos to Las Cruces, New Mexico and Western Heritage Bank has six branches in Las Cruces and Deming, New Mexico and El Paso, Texas. The transaction is expected to close next year and is subject to standard closing conditions as well as shareholder and regulatory agency approvals.
Both entities have a history of strong financial performance. Nusenda has over $4 billion in assets and Western Heritage Bank has $338 million in assets. Both financial institutions have a 5-Star Superior Rating from the nation’s most well-known independent rating service for banks and credit unions, BauerFinancial, Inc.
For Nusenda members and Western Heritage clients, this will mean additional locations and continued access to affordable, best-in-class financial services, and future products and services enhancement. Visit www.nusenda.org/western for additional details.
"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. 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,” said Joe Christian, Nusenda President and CEO. "We are creating places of ample economic opportunity for members, businesses, and communities."
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About Nusenda Credit Union
Nusenda Credit Union is New Mexico’s largest locally owned and operated credit union with over 260,000 members and more than 750 employees. Nusenda Credit Union was established in 1936 and serves New Mexicans and their communities from Taos to Las Cruces. It has more than 20 branches throughout New Mexico in Albuquerque, Rio Rancho, Santa Fe, Taos, Valencia County, Socorro, and Las Cruces. There are hundreds of ways to join the credit union. Connect with Nusenda Credit Union at www.nusenda.org; Facebook @NusendaCU; Twitter @NusendaCU; and LinkedIn: https://www.linkedin.com/company/nusenda-credit-union.
Insured by NCUA | Equal Opportunity Lender
About Western Heritage Bank
Since 2001, Western Heritage Bank, a community-based institution, has been an active participant in the vibrant and diverse economy of the Border Metroplex. It has helped build businesses ranging from the agriculture industry to manufacturing operations. The bank provides modern banking conveniences with traditional, personalized service in the areas of online banking, personal banking, business banking and loans. Western Heritage Bank is a New Mexico state bank and is a wholly owned subsidiary of New Mexico First Financial, Inc. Western Heritage Bank operates locations in El Paso, Texas; Las Cruces, New Mexico; and Deming, New Mexico. For more information, please visit www.westernheritagebank.com.
D.A. Davidson served as investment advisor to Western Heritage Bank and Fenimore Kay Harrison LLP served as legal advisor.
Media Contacts: Eric Harrison, (505) 610-0419 or [email protected]
Chana Burton, (915) 225-6007 or [email protected]