Sandia Laboratory Federal Credit Union and Animas Credit Union (ACU) have announced plans to merge. Having served San Juan County for over 65 years, ACU has branches in both Farmington and Bloomfield, NM, $140 million in total assets, 13,600 members, and 41 employees. Gary Sterton, CEO of Animas Credit Union, plans to retire in January 2021 making now the perfect time for both organizations. The proposed merger will allow SLFCU to diversify both geographically and demographically while also benefitting ACU members with access to technological upgrades, higher savings rates, lower loan rates, and fewer fees. Employees of both credit unions will continue to be employed and there will be no layoffs as the result of this merger. We anticipate obtaining appropriate regulatory approval in early 2021 and full integration will likely take 12 to 15 months.
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