Founded in 2000, Western Heritage Bank's 54 employees operate two branches in New Mexico and four branches in El Paso, Texas, that serve approximately 7,500 customers.

Specializing in commercial lending, the bank managed $276 million in deposits, $33.2 million in capital and posted net income of $1.5 million at the end of the first quarter, according to its FDIC Call Report.

Western Heritage Bank has helped build businesses ranging from the agriculture industry to manufacturing operations in the border region, according to a prepared statement from the bank and the credit union.

"The combination of our two community focused institutions that share similar beliefs about customer service, community impact, and employee well-being will be beneficial to Nusenda Credit Union members and to Western Heritage Bank customers in the Borderplex region," Nusenda Credit Union President/CEO Joe Christian said. "Our cultures are strongly aligned, and we share a focus on putting people first. Providing local communities and businesses with best-in-class products and services, and supporting our employees, is a priority for both organizations."

If approved by regulators and shareholders, the transaction is expected to be finalized next year and Nusenda would then manage more than $4.4 billion in assets, 29 branches and approximately 800 employees that would serve more than 260,000 members.

"This is a win-win for both of our organizations and the people we serve," Greg Cory, Western Heritage Bank president/CEO, said. "Nusenda is recognized year-over-year as a top financial institution, winning 'best bank' and 'best credit union' awards and 'top workplace' honors. We are excited to bring additional resources to our clients and plan to continue our tradition of serving our local communities."

This proposed credit union-bank buy agreement is the third one so far this year. In 2022, there were nine credit union-bank buy deals announced from February to June. At the end of last year, there were 16 announced deals.