Nusenda acquires Western Heritage Bank

Nusenda Credit Union announced this week that it had completed its purchase of Western Heritage Bank, effective March 12, with approval from the National Credit Union Administration.

Nusenda’s president and CEO, Joe Christian, wrote in a news release, “I am pleased to welcome Western Heritage customers and employees to the Nusenda family. … The combination of our community focused institutions and shared beliefs about customer service, community impact and employee wellbeing will support the ongoing growth and financial service needs in the Borderplex region.”

The first sign of change, according to Nusenda, will be signs at its branches in El Paso, Las Cruces and Deming as well as its website and social web sites that Western Heritage is now “powered by Nusenda Credit Union.” The statement said “more than fifty” employees of the bank will join Nusenda but a spokesperson said no layoffs were part of the acquisition.

For now, Nusenda said the existing bank branches would continue to serve its customers, with accounts and systems transferred to Nusenda later in 2024. According to a transition web page, Western Heritage debit cards will be eligible for service through Nusenda’s network of ATMs with no surcharge. The credit union also assured customers that their deposits will be insured for the same amount, now through the NCUA rather than the Federal Deposit Insurance Corporation, which insures bank deposits. The agencies cover credit union or bank accounts, respectively, up to $250,000, with the backing of the federal government.

The acquisition of Western Heritage, headquartered in Las Cruces, by the Albuquerque-based credit union was first announced last June. At the time, Western Heritage president and CEO Greg Cory called it a “win-win” for both institutions and their customers, combining 29 branches and more than 800 employees for more than 260,000 account holders, and Nusenda’s $4 billion in assets with Western Heritage’s $338 million.