New Mexico Educators Federal Credit Union

New Mexico Educators Federal Credit Union
New Mexico Educators Federal Credit Union
Type Credit union
Industry Financial services
Founded 1936
Headquarters Albuquerque, New Mexico, United States
Key people Dick Brown, Chairman
Terry Laudick, President/CEO
Products Savings; checking; consumer loans; mortgages; credit cards; online banking
Total assets $869M USD (2008)
Website nmefcu.org

New Mexico Educators Federal Credit Union (NMEFCU) is a federally chartered credit union headquartered in Albuquerque, New Mexico and regulated under the authority of the National Credit Union Administration (NCUA). NMEFCU is the largest credit union by membership in New Mexico.[1] As of 2010, NMEFCU had over 1$ billion in assets, approximately 120,000 members, and 16 branches.

NMEFCU primarily serves employees of educational institutions, but operates under multiple common bonds. Member deposits up to $250,000 in NMEFCU are insured through the National Credit Union Share Insurance Fund.

NMEFCU regularly donates to charities and organizations in its communities. In 2007 the credit union assisted the University of New Mexico in establishing a wireless network on their main campus.[2] NMEFCU opened a credit union branch in Atrisco Heritage Academy to promote financial literacy in 2010.

History

The credit union was founded in 1936 as the Albuquerque Public Schools Federal Credit Union. Their field of membership grew to include employees of Albuquerque Technical-Vocational Institute in 1968. Ten years later, employees of the University of New Mexico and the UniversityHospital were added. To reflect its changed membership, the credit union changed its name to New Mexico Educators Federal Credit Union in 1982. Members of La Montañita Food Co-op became eligible for membership in 1984. NMEFCU grew its assets and membership over the years and built new branches. NMEFCU opened 3 new branches in 2009.[3]

References

  1. ^ Munro, Thomas. Members first. New Mexico Business Weekly. 12 September 2008.
  2. ^ Carr, Steve. New Mexico Educators Federal Credit Union Helps Complete UNM’s Wireless Initiative with a Gift. University of New Mexico. 13 February 2007.
  3. ^ Robinson-Avila, Kevin. Growth spurt for credit unions: But will rising interest rates bring growing pains? New Mexico Business Weekly. 28 August 2009.

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