Otero Federal Credit Union is headquartered in Alamogordo and is the 10th largest credit union in the state of New Mexico. It is also the 765th largest credit union in the nation. It was established in 1953 and as of September of 2022, it had grown to 95 employees and 36,319 members at 6 locations. Otero Federal Credit Union's CD rates are 56% higher than the national average, and it boasts an A+ health rating.
Field of Membership Restrictions
Membership is open to those 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.
See current membership details
OFCU cares.
Otero Federal Credit Union is not just a local bank, but a bank that cares about locals. I have been with them personally myself for over 5 years. I was having issues with identity theft at another bank, but I needed to have at least a Savings account to receive my paychecks. A teller listen to my issues and proceeded to get a member of management to come help me with my issue. Despite having little information that was not compromised, She still worked with me personally to get a Savings AND Checking account. Since then I have been so grateful to Otero Federal Credit Union that I have transferred nearly my entire portfolio to be managed by OFCU. I have also opened a couple of Certificates of Deposits for my kids savings. Otero Federal Credit Union may be the best way to bank in all of New Mexico.
Poor Card Support
I am sorely disappointed with this FCU. I cannot authorize an online transaction greater than $2500 and even then I have to DAILY check and authorize the max amount. I regularly conduct 5k or greater transactions but not with this institution.
I'll still keep this account for bill pay but my main 6- and occasionally 7-figure balance and associated transactions will be handled by a more flexible institution. My frustration is not unreasonable. My previous FCU was delightfully accommodating and responsive.
I did give the customer service three stars because they did what they could do to help, within the unreasonable restrictions imposed by the Board.
Worst Experience Ever
Worst customer service of any bank I have ever be in. Im currently having to get a lawyer because they shorted me four hundred dollars, and were unable to correct it. I can't use names, but the head boss in Alamogordo told me it wasn't enough money for her to even look into why it went missing. They are a nightmare, stay clear.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 8475 |
| Year Chartered | 1953 |
| Employees | 95 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.17% |
| Return on Equity - YTD | 9.96% |
| Annual Interest Income | $8.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $444.7MM$430.8MM |
| Loans | Q3 2022vs Q3 2021 | $251.6MM$217.8MM |
| Deposits | Q3 2022vs Q3 2021 | $389.5MM$370.8MM |
| Equity Capital | Q3 2022vs Q3 2021 | $52.4MM$56.8MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $727.00K$732.00K |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $730.00K$297.00K |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$90.00K |