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ALBUQUERQUE, N.M. — Merger talks have ended unsuccessfully for two credits unions in New Mexico.

Sandia Laboratory Federal Credit Union and Kirtland Federal Credit Union in a joint news release on Friday said the cost of a merger outweighed the financial benefits.

Robert Chavez, Sandia Federal’s president and CEO, said, “Both parties have worked hard over the past ten months to identify and overcome possible barriers to a successful merger. At this time, we’ve been unable to develop a scenario that’s in the best interests of both sets of members.”

Had the deal been approved by their respective boards, the credit unions would have united under a new name, creating the largest financial institution headquartered in New Mexico with a combined membership of 130,000 and over $3 billion in assets.

David Seely, Kirtland Federal’s president and CEO, said, “both organizations remain strong and will continue to prosper in serving their respective fields of membership. In addition, over the past ten months the two credit unions have learned many best practices and innovative processes through information sharing, which will benefit both memberships.”

Sandia was founded in 1948 and has 290 employees; Kirtland, founded in 1958, has 135 employees.

Sandia serves high-tech and professional communities in Albuquerque. Kirtland has members in all 50 states, including active duty and retired military and well as civilian contractors.

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