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ALBUQUERQUE, N.M. – First Financial Credit Union, of Albuquerque, announced it has taken over the troubled $13 million Roosevelt County Credit Union of Portales, N.M. in a supervisory merger arranged by NCUA and the State Division of Financial Institutions. Jeff McDaniel, president of the $200 million Albuquerque CU, acknowledged there was some initial trepidation about taking over the Portales CU, located some 210 miles east of Albuquerque near the Texas line. “We weren’t thrilled about acquiring another credit union so remote from us, but the NCUA asked us to reconsider,” said McDaniel. He noted that five CUs were in an original group last February that were asked to bid on Roosevelt County CU which, sources said, got into loan trouble last year. First Financial does have a branch in Gallup, 130 miles from Albuquerque, which it also acquired through a merger, said McDaniel. The new manager of the Portales branch, Jane Henderson, has been serving as Gallup manager. William J. Verant, the state financial institutions director, said in May the expected Portales merger would be first the “supervisory merger” for his office in eight years.

 

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