GECU in El Paso, Texas, has agreed to buy Bank of the Southwest in Roswell, N.M.
New Mexico National Financial plans to sell the $187 million-asset bank, including 12 branches and “substantially” all of its liabilities, to the $4.4 billion-asset credit union, according to an announcement by Olsen Palmer, which advised the bank.
The price wasn’t disclosed.
The National Credit Union Administration must approve the deal, along with the Federal Deposit Insurance Corp., and the New Mexico Financial Institutions Division.