First Financial Credit Union (NM) is headquartered in Albuquerque and is the 8th largest credit union in the state of New Mexico. It is also the 492nd largest credit union in the nation. It was established in 1937 and as of December of 2022, it had grown to 254 employees and 88,757 members at 16 locations. First Financial Credit Union (NM)'s CD rates are 5X the national average, and it has a B+ health rating.
Field of Membership Restrictions
First Financial Credit Union offers membership to anyone who lives or works anywhere in New Mexico.
See current membership details
The Best Credit Union I have Ever Used
Going to this credit union was always a pleasure for me. Their savings accounts require a minimum amount of money that has to stay in the savings account or you get a fee against you. As long as you keep enough money in your savings account, you should have protection (depending on account status) that allows you to be safe from withdrawing too much money like if you spend too much in the grocery store and there isn't enough money in your checking account then the rest of the money will come out of the savings account. That is probably standard elsewhere, but it makes me feel safer if that ever happens to me. The credit union doesn't require you to keep a certain amount of money in your checking account, but depending on how much you spend and how you spend it there are different types of bonuses you can get. A major bonus from keeping money flowing into your account is the interest that builds monthly. I also appreciate that the credit union protects you fully when your card is used outside of where you normally use it. If they see charges that are out of state they will immediately call you and stop your account from getting money taken out of it. Another plus of going to this credit union is the free life insurance they give you. You have the option of having more life insurance which is paid directly out of your checking out. The final thing I enjoy is the IRA options that are given to users. You are allowed to deposit up to $5000 into your IRA, which can possibly be considered a tax deductible depending on how it is handled. All in all First Financial is really great when it comes to their IRAs, checking accounts, and savings accounts.
So-so bank beats big bank
Although this bank is not the very best, it is leaps and bounds beyond my previous big bank. Any problems that I have with my accounts are solved within minutes to hours vs days and weeks with a big bank. However, despite these quick resolutions, problems are quite numerous at this bank. For example, I am frequently questioned by the tellers as to whether or not I have deposited my payroll checks at their bank before. These large amounts always prompt the tellers to enter this routine questioning despite having me as a customer there for several years. I thought one of the benefits of joining a small credit union was more personalized service! Another concern I have with this bank is their backlog and investigation process. Several times I have requested statements from several months ago, or requested specific deposit amounts (e.g., how many checks made up this $2000 deposit and in which amounts?) and they always tell me they will look into. Of course, I never received a call back on these occasions. This bank has their problems but I still would never go back to a big bank!
Data as of Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68244 |
| Year Chartered | 1937 |
| Employees | 254 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.88% |
| Return on Equity - YTD | 13.26% |
| Annual Interest Income | $29.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $861.9MM$827.8MM |
| Loans | Q4 2022vs Q4 2021 | $663.5MM$578.2MM |
| Deposits | Q4 2022vs Q4 2021 | $780.4MM$750.5MM |
| Equity Capital | Q4 2022vs Q4 2021 | $57.6MM$58.5MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $3.1MM$2.5MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $3.9MM$1.8MM |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$0 |
