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Serving our membership since 1953
A credit union is a not for profit financial institution owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they live, work, or go to church. These groups make up a credit union's field of membership.
Otero Federal Credit Union was federally charted on March 5, 1953 and started with account balances of $1700. The original field of membership included civilian employees of the U.S. Government who worked in Otero County, New Mexico. By June of 1964, Otero Federal Credit Union had reached its first million dollars in assets.
Originally the credit union operated from a renovated barracks building on Holloman Air Force Base, before moving to its current location on Holloman Air Force Base in 1973. Its first branch office in Alamogordo, NM was opened in 1970 and was moved in 1972 to 823 10th Street and then in 2010 to its current location at 1200 E. 10th St.
In the summer of 1973, the credit union expanded again by opening its first branch office in Roswell, NM at 1902 South Main. After construction of a brand new facility in the adjoining lot, the Roswell Branch office moved to its current location at 1900 South Main in 1989. This facility has continued to service the Roswell and surrounding areas to the present date.
Otero Federal Credit Union opened its fourth branch location in 1998 at 3300 North White Sands Blvd in Alamogordo. This enabled OFCU to introduce several new services to its membership in the Otero County area. They included safe deposit boxes, a drive up ATM and OFCU's mortgage department.
In November of 1999 after months of research, study, and consideration, OFCU petitioned the National Credit Union Administration (NCUA) for a charter conversion to a community charter from its status as a multiple occupational/associational common bond credit union. NCUA and the Otero Federal Credit Union Board of Directors approved the requested community charter conversion package in late May 2000. The new charter provided a completely new field of membership for the credit union, while maintaining all previous members in the credit union membership. The new community charter defined OFCU's membership as:
"Persons who live, work, worship, or attend school in the counties of Chaves, Eddy, Lincoln, and Otero, New Mexico; spouses of persons who died while within the field of membership of this credit union; employees of this credit union; volunteers within the community, members of their immediate families; and organizations of such persons."
With OFCU's new membership expansion a branch location at 2211 North Main in Roswell, NM was built to continue the credit union growth in Chaves and the surrounding counties. Completed in July 2001, the Roswell North Main Branch is a state of the art full service financial facility and will help OFCU serve the growing Roswell membership.
OFCU's Administration facility was completed in December of 2002. The building at 3300 North White Sands Boulevard brings credit union staff members from many branch locations together for the first time. The Administration Building is now called the Lending Center and houses the Remote Lending department, Plastic Card department and the Mortgage Loan department. OFCU's Ruidoso branch facility was opened in December of 2004. The building at 211 US Hwy 70 West in Ruidoso, NM brings credit union's service to the communities of Lincoln County. Otero Federal Credit Union is proud to bring the philosophy of People-Helping-People and Not for Profit, But for Service to the resident's of Lincoln County as the first credit union with a facility in the county.
OFCU's newest branch facility opened in October of 2010. The building at 1200 E. 10th Street in Alamogordo brought state of the art services to our members in Otero county. This location also hosts our administration offices as well. The completion of this structure leaves the credit union in an ideal position to grow towards the future.
The assets of Otero Federal Credit Union have continued to grow since those early days of 1953 and currently are over 320 million in assets, with a total membership of approximately 32,000. Otero Federal Credit Union is a full service financial institution serving Otero, Lincoln, Chaves, and Eddy County.