Albuquerque-based Sunward Federal Credit Union has made its first foray into Colorado with the opening of a Durango branch in Town Plaza.
Sunward, formerly the Sandia Laboratory Federal Credit Union, plans to have a grand opening celebration on May 30, but its Durango office is already open for business at 22 Town Plaza between Art Supply House & Custom Framing and The Enchanted Mirror Style Studio, Hill Martinez-Uribe, Durango branch manager, said.
Martinez-Uribe said Sunward already serves the Four Corners from its Farmington branch, and Durango was a natural choice for expansion because many Farmington residents and its residents commute across the New Mexico-Colorado border into Durango.
“Durango seems like such a perfect fit for our brand of community-first, personalized banking,” Martinez-Uribe said. “It’s such a thriving, vibrant community and we wanted to be a part of it.”
Community is an important part of Sunward’s operations, Martinez-Uribe said. It’s already exploring partnerships to be announced with Fort Lewis College, the Durango Chamber of Commerce and small businesses. For its grand opening, it’s working with businesses such as the Art Supply House and Oscar’s Cafe next door.
Martinez-Uribe, who had a career in traditional banking, said Sunward is the first credit union they have worked for. Upon starting, Martinez-Uribe immediately felt the difference between it and other financial institutions.
Martinez-Uribe said credit unions embody the idea banking is a right and isn’t reserved for the wealthy or people with strong financial literacy. But financial tools and services aren’t necessarily accessible to everyone – Sunward seeks to change that.
Sunward offers all the services banks do and more, Martinez-Uribe said, adding its loan rates are often more competitive, particularly for auto loans.
It is offering a promotion with a sign-on bonus of up to $225 for new members who open their first checking and savings accounts with it. It is also offering a referral promotion to get its name out by word-of-mouth.
Martinez-Uribe said the referral promotion is designed to capture the attention of people who are feeling financially cautious in the current turbulent economic climate. Martinez-Uribe described a power money market account program that offers an interest bearing account with a higher interest rate on the first $2,500 one deposits into it.
“Other products at other institutions reward you for the more money that you have in there. And we’re doing the opposite,” Martinez-Uribe said.
Martinez-Uribe said Sunward is offering its best interest rate for the first $2,500 someone deposits into their market account, a strong opportunity for those wary of the economy or who are new to saving and investing.
Major banking scandals have left bad impressions on people, Martinez-Uribe said, leading people to assume all financial institutions are in it for the money and nothing more. At credit unions, however, the members are the shareholders.
“We work to make your money work for you. Everything that we do is about helping the community,” Martinez-Uribe said. “… A bank is responding to its shareholders, which is a board of directors or a very small niche group of people who may benefit from the profitability of the bank, and the normal everyday customers do not.”
Sunward’s expansion into Durango and Colorado increases its presence to 16 locations across New Mexico, California and Colorado.
“We’re thrilled to become part of the vibrant Durango community,” Alex de la Cruz, Sunward executive vice president, said. “With our growth into Southern Colorado, we have a new opportunity to share the exceptional experience Sunward members have come to know and love, marking an important milestone in our mission to become the economic engine for communities in the Southwest.”
cburney@durangoherald.com
An earlier version of this story referred incorrectly to Sunward Federal Credit Union as a nonprofit. It is not-for-profit.
