Sandia Laboratory Federal Credit Union (SLFCU) formally broke ground today on a new branch office at 1100 Rio Grande NW just north of I-40.
“We are very excited to add a branch in an area near Albuquerque’s Old Town that has few banks or credit unions nearby. At a time when many banks are consolidating operations and closing branches, we are investing in the communities we serve and are committed to being an economic engine that helps them grow and prosper,” said Stephanie Sherrodd, SLFCU’s CEO.
The new facility will be SLFCU’s 13th branch overall and its 12th in New Mexico. The Credit Union currently has six other locations in Albuquerque, two branches in Farmington, and one branch each in Edgewood, Los Lunas, and Rio Rancho in New Mexico, as well as a branch in Livermore, California.
The new branch, called Rio Grande Crossing, is designed in a New Mexico territorial architectural style to blend in with nearby Old Town. The single-story, 4,400-square-foot branch will include teller stations and five offices, as well as a drive-thru and ATM.
While the Credit Union fully leverages online and mobile banking tools for its members, it also believes in the importance of having the option to meet face to face.
Even as online banking has continued to grow in popularity, a May 2021 Sykes survey, “How Have Americans’ Banking Habits Shifted During the Pandemic?”, revealed more than a quarter of U.S. adults rank the ability to visit a branch as the most important retail bank benefit. Further, a 2019 Deloitte Insights report, “Recognizing the Value of Bank Branches in a Digital World,” found that branches should be considered the “most powerful channel” for financial services that providers have to provide customers with high-touch, person-to-person services. The report found that 65 percent of respondents preferred branches for mortgages or mortgage refinance, 62 percent for wealth management accounts, 58 percent for checking, and 41 percent for credit cards.
MG Architects designed SLFCU’s new branch and Albuquerque-based Insight Construction Inc. is handling construction. The facility is expected to open in late 2023.
