Local credit union rebrands, looks to expand with locations in South Valley and West Side

Looking to maintain relevancy and create opportunities for growth, Sandia Laboratory Federal Credit Union has rebranded to Sunward.

Steph Sherrodd, president and CEO of the newly rebranded credit union, told the Journal in an interview Monday the name change — which will be reflected in signage, the financial institution’s website and even on members’ cards — was a yearslong process in which officials began discussing their strategy for the future. The rebrand became official on Tuesday.

“All of our conversations about name really started with establishing a long-term vision and strategy for the organization,” Sherrodd said. “We … crafted a long-range vision to say, ‘What do we want to be in the future to ensure that we maintain relevancy, that we stay top of mind (to) our members for their financial services needs? And then how do we create growth in the communities that we’re in and communities that we’re perhaps not in yet today?’ So that’s where we really started this conversation.”

The company’s new name, Sunward, represents the “spirit of the Southwest,” Sherrodd said. And the icon, an arrow as part of a sun, “represents progress and focus and growth and energy.”

Alex de la Cruz, an executive vice president with Sunward, said the logo also pays homage to the credit union’s relationship with Sandia National Laboratories.

“If you look at the work that they do, the Labs (were) founded by their ability to harness the power and energy of the sun in multiple different ways, not only historically, but the work that they’re doing today,” he said. “And so we wanted to find a unique and subtle way to be able to make that connection to those valuable members and that valuable organization and partnership.”

Sherrodd said the rebranding included a group of stakeholders — members and non-members, as well as employees — to capture insight into what the brand meant and what it could be going forward.

But the rebranding comes at a time of growth for the credit union, which serves just over 150,000 members.

Sunward is in the process of acquiring the New Mexico operations of Utah-based Mountain America Credit Union, which includes two branches in Albuquerque. Sherrodd said Sunward expects that acquisition to be complete sometime in the first quarter of next year.

The credit union also has plans to add additional branches — it opened one earlier this year on Rio Grande Boulevard — in Albuquerque, including in the South Valley and West Side next year. That will ultimately increase Sunward’s branch presence to 17 locations spread across Albuquerque and Livermore, California, where it has one branch.

“We feel like we have the opportunity to serve individuals who aren’t members or maybe don’t know that they can become members,” Sherrodd said.

Sunward’s rebranding and expansion also comes at a time of plenty of movement in New Mexico’s banking scene.

Earlier this year, Nusenda Credit Union finalized its acquisition of Western Heritage Bank, giving Nusenda a larger presence in southern New Mexico and El Paso.

U.S. Eagle also announced its plans to acquire Southwest Capital Bank, bolstering its cannabis lending and banking services, as well as giving it a presence in northern New Mexico.

And Capra Bank, an Iowa-based financial institution, opened its first New Mexico branch in Downtown Albuquerque, giving the city’s residents another option for financial services.