On November 17, 2025, GECU Federal Credit Union (“GECU”), El Paso, Texas, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of Bank of the Southwest, Roswell, New Mexico, the wholly-owned subsidiary of New Mexico National Financial Incorporated.

GECU has total assets of $4.43 billion and serves nearly 440,000 members across 28 branches in Texas and New Mexico.

Bank of the Southwest has total assets of $186.8 million and operates 11 branch offices in New Mexico.

Luse Gorman is serving as legal counsel to GECU. The Luse Gorman team consists of Jeff Cardone, Michael Brown, Ellie Cook, Brendan Clegg, Brendan Saxon, and  Keeler Fina.

Luse Gorman has acted as counsel on more than 150 bank and credit union merger transactions during the past ten years and on more bank and credit union merger transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.