ECONOMY
El Paso credit union wins approval to purchase Roswell-based Bank of the Southwest
The purchase will take effect Nov. 1, expanding 骋贰颁鲍鈥檚 New Mexico presense
El Paso鈥檚 largest credit union said Thursday that regulators have approved its acquisition of Roswell-based Bank of the Southwest.
The approvals from the National Credit Union Administration, the Federal Deposit Insurance Corp. and the New Mexico Regulation and Licensing Department鈥檚 Financial Institutions Division clear the way for GECU to fold the New Mexico bank into its organization Nov. 1.
鈥淭his milestone reflects our shared commitment to serving our employees, members, customers and communities with integrity,鈥� GECU President and CEO Alex Rasc贸n said in a statement. Rasc贸n, who has been with the credit union for nearly three decades, assumed the top role in May.
The two financial institutions are 鈥渆xpected to operate as independent divisions during the integration,鈥� GECU officials said, but the New Mexico banks will eventually take on GECU branding.
GECU did not disclose terms of the transaction, but the combined entities will create a $4.9 billion credit union with nearly half a million members.
GECU, founded in 1932, first announced its intent to purchase the bank in November 2025, in an all-cash deal in which the credit union would assume all of Bank of the Southwest鈥檚 liabilities.
The credit union has more than two dozen locations across Texas, mostly in El Paso, and opened its first New Mexico location in Las Cruces in March 2025.
Bank of the Southwest was first launched in 1992 and operates nearly two dozen locations and ATMs in towns such as Roswell, Hatch, Farmington and Las Cruces.
Matthew Narvaiz is the Journal鈥檚 business editor. You can reach him at mnarvaiz@abqjournal.com.
