Industries Banking/Finance

New Mexico credit union to merge with PenFed

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Members of New Mexico-based High Plains Federal Credit Union have voted to merge with Alexandria-based PenFed Credit Union.

Under the merger, more than 6,000 members will join PenFed, which has 1.4 million members worldwide and $20 billion in assets.

PenFed was established in 1935 as the War Department Credit Union.

High Plains Federal is located in Curry County, New Mexico, home to more than 10,000 active duty personnel and military family members at Cannon Air Force Base. Civilian workers employed by the base, military retirees and veterans account for an additional 13,000 members of the county's military-affiliated population.

High Plains Federal has two branches and almost $39 million in assets.

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