Less than a day after my post above about banks downtown, it's now reported that Southwest Capital Bank has been acquired by US Eagle Federal Credit Union. No word on what that means for the bank's headquarters location on Central Avenue and 14th Street in West Downtown.
https://www.krqe.com/news/new-mexico...-capital-bank/
Quote:
NEW MEXICO (KRQE) – U.S. Eagle Federal Credit Union said it has reached a deal to buy Southwest Capital Bank. The announcement comes after both boards of directors unanimously approved the agreement.
Once the purchase is complete, Southwest Capital Bank will be dissolved and its customers will become U.S. Eagle members. Right now, U.S. Eagle has ten branches in New Mexico while Southwest Capital has six.
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They built their headquarters structure only about ten years ago. It was built on the site of the former, historic Castle Apartments that burned down a few years prior to that.
https://en.m.wikipedia.org/wiki/Castle_Apartments
US Eagle itself used to have a location in Downtown Albuquerque proper on Gold Avenue before moving to Albuquerque Plaza and eventually building their new downtown/central city location at Avanyu Plaza a couple of years ago.
I wonder what their plans will be for the Southwest Capital Bank headquarters structure going forward since it is the one being acquired and dissolved. I wonder if US Eagle will sell it or just keep it as a branch or possibly even make it their new headquarters.
US Eagle when it moved to Avanyu Plaza, and First Financial Credit Union before that when it moved and built a new headquarters in North I-25, also fueled articles about Downtown's supposed decline.
I wonder if we'll see articles with that slant now as well, even though this is an acquisition and not in Downtown proper. I guess we'll see.
I thought I'd take this opportunity to also now post the listing and assets of credit unions that are based in metro Albuquerque. This is different than the bank deposits, because it doesn't separate how much of the assets are actually in the metro area. Many of these credit unions operate elsewhere in the state, but it's safe to say most of their assets are in Albuquerque.
Credit unions based in Santa Fe and Los Alamos or other parts of the state, such as State Employees Credit Union, also have locations in Albuquerque. But this does show the size of institutions based here in Albuquerque. The credit union site doesn't produce a nice total result that you can screenshot. I had to search manually and copy the information to post the numbers.
As you can see, credit unions based in metro Albuquerque currently have about $14.5 billion in assets.
https://mapping.ncua.gov/ResearchCreditUnion
Metro Albuquerque Credit Unions - $14,549,662,184 total assets
1 - $4,958,120,339 - Nusenda
2 - $4,093,390,340 - Sandia Laboratory
3 - $1,536,144,325 - US Eagle
4 - $1,193,339,466 - Sandia Area
5 - $1,027,715,244 - Kirtland
6 - $914,882,951 - First Financial
7 - $634,496,604 - Rio Grande
8 - $75,325,982 - Southwest
9 - $64,061,670 - Railroad Employees (Belen)
10 - $29,799,818 - Jemez Valley (Jemez Springs)
11 - $21,750,068 - Cuba (Cuba)
This is an increase of just shy of $2 billion in assets from the last time I compiled the listing and calculated the total, which I believe was for the previous year. Kirtland crossed the $1 billion threshold in assets and First Financial is growing nicely and looks like it will join that club soon as well. Only three of the credit unions declined, both of the smallest ones that are located in the Jemez area of northern Sandoval County, and the smallest of the ones that are headquartered in Albuquerque proper.
Metro Albuquerque Credit Unions - $12,553,264,846 previous total assets
1 - $3,887,988,896 - Nusenda
2 - $3,610,066,339 - Sandia Laboratory
3 - $1,466,780,419 - US Eagle
4 - $1,011,653,231 - Sandia Area
5 - $972,521,776 - Kirtland
6 - $854,247,002 - First Financial
7 - $567,902,654 - Rio Grande
8 - $79,123,642 - Southwest
9 - $50,525,048 - Railroad Employees (Belen)
10 - $30,070,394 - Jemez Valley (Jemez Springs)
11 - $22,385,445 - Cuba (Cuba)
I want to note that the one in Belen grew very nicely. No wonder it's known as the "Hub City" the hub of railroad operations in the metro area that apparently is fueling great growth in its credit union for railroad workers. Hopefully that will continue, along with the other recent economic development projects, like the Arcosa Wind Towers facility. I've always believed in Belen's potential!
Here are some nice pics of Belen from its Homes.com neighborhood profiles. Belen is of course the southern terminus of the Rail Runner. The actual station isn't anything special apart from the walkways to get to it, but Belen is lucky to also have its Harvey House still standing and in use as a museum and restaurant nearby.
https://www.homes.com/neighborhood-search/belen-nm/