At the end of October, Sandia Laboratory Federal Credit Union announced it planned to absorb the fourth largest credit union in New Mexico, Kirtland Federal Credit Union.

Paul Stull, CEO and president of the Credit Union Association of New Mexico, is excited about the announcement.

"It's a great opportunity for New Mexico," Stull said. "What will it do? It will bring more capital to the table."

If the merger is approved, Sandia Laboratory Federal Credit Union will be able to increase its business lending. The combined institution will hold more than $3 billion in total assets and have more than 130,000 members.

"When you make loans for houses, cars and businesses, that's great for jobs," Stull said. "It's a wonderful opportunity for more capital for our economic base. That will bring more jobs. More jobs is what we need."

Credit unions are capped on the amount of business loans they can make at 12.25 percent of their total assets. Prior to the merger, Sandia was approaching $232 million in business loans, nearing its $270 million cap.

After Kirtland merges with Sandia, the latter will be the largest New Mexico-based financial institution. Click here to read the full article.