New credit union branch opens
FARMINGTON — A new branch of U.S. Eagle Federal Credit Union opened earlier this month.
Located on two acres at the intersection of East Main Street and Piñon Hills Boulevard near Zimes Four Corners and Blue Diamond Auto Spa, the new branch sports three drive-through lanes, including a separate lane for an ATM that is available 24 hours a day.
In 2012, the credit union — which also has branches in Albuquerque, Santa Fe and Bernalillo — opened its first branch in Farmington at 3024 E. Main St. near Dunkin' Donuts. That smaller leased facility is now closed, and the employees there moved to the new 3,900-square-foot location on the east side of town.
"Our brand new Farmington facility serves as a regional hub for the Four Corners area and cements our dedication to San Juan County. The branch includes ample space to grow and meet the evolving needs of our members,” U.S. Eagle President and CEO Marsha Majors said in a press release.
Nine employees staff the new, modern-design branch, which includes a "tech bar" with free Wi-Fi and charging stations, according to the release.
Founded in 1935, U.S. Eagle is the oldest credit union in New Mexico with more than 80,000 members — about 2,000 of them in San Juan County — and assets of more than $900 million, according to the release. U.S. Eagle was formerly called U.S. New Mexico Federal Credit Union, but changed the name last year to match "The Eagle," the shorthand nickname members often use.
Officials at the credit union say the financial institution is an affordable alternative to payday lending in San Juan County, an area loaded with dozens of payday loan stores and banks, but only a handful of credit unions.
U.S. Eagle offers financial services, including checking accounts, auto loans, mortgages, signature loans, share certificates, money market accounts and youth financial literacy programs.
Danielle Silva, a U.S. Eagle representative, said credit unions are member-owned, not-for-profit financial cooperatives that stand apart from mainstream banks and payday lenders. They are established to assist members with financial education, competitively low credit rates and other services to help members improve their financial situation.
"Predatory lenders, they look for people who may not have enough information, cash their checks and take their cut," Silva said. "Someone struggling with a credit score who doesn't necessarily have a good understanding of finances, we can help. We balance financial counseling so our members can learn how to manage their finances, boost their credit score, manage their money better."
James Fenton is the business editor of The Daily Times. He can be reached at 505-564-4621.
What: U.S. Eagle Federal Credit Union
Where: 5600 E. Main St. in Farmington
Hours: 8:30 a.m. to 5:30 p.m. Monday through Friday and 9 a.m. to 2 p.m. Saturday
More information: Call 505-342-8888 or go to useaglefcu.org