U.S. Eagle Federal Credit Union in Albuquerque, N.M., has agreed to buy Southwest Capital Bank in Albuquerque.
The $1.5 billion-asset U.S. Eagle did not disclose how much it will pay to buy the $434 million-asset Southwest Capital. The deal is expected to close in the second quarter.
U.S. Eagle said the deal will help it expand its cannabis lending and banking services. The credit union already has cannabis banking arm Aery Group which offers checking and savings accounts, cash handling and lending.
“This acquisition will expand our services to a greater number of people and contribute significantly to U.S. Eagle’s growth for years to come,” said Kevin McMahon, U.S. Eagle’s chairman, said in a press release.
Southwest Capital is the 14th bank to agree to sell to a credit union this year.