Las Cruces-based Western Heritage Bank is set to significantly expand its footprint in El Paso with the acquisition of three branches from Pioneer Bank, headquartered in Roswell, NM. This strategic move, announced by Western Heritage officials on Thursday, signals a notable development in the regional banking landscape.
Pioneer Bank, while based in Roswell, has a presence in Las Cruces, New Mexico. The branches being sold are strategically located within El Paso at 6068 Gateway East Blvd., near Geronimo Drive in Central El Paso; 2290 Trawood Drive in East El Paso; and 7015 N. Mesa St. in West El Paso. This acquisition by Western Heritage Bank, which already established its initial El Paso branch the previous year, demonstrates a strong commitment to growth in the El Paso market.
The acquisition is expected to bring minimal disruption to customers and employees of Pioneer Bank. Western Heritage Bank has confirmed that all 30 employees currently staffing the three Pioneer Bank locations will be offered positions within Western Heritage. This commitment to retaining experienced personnel underscores Western Heritage’s focus on seamless integration and customer service continuity. Jim Volk, Chairman of the Board at Western Heritage and CEO of New Mexico First Financial, the bank’s holding company, highlighted the strategic rationale behind this acquisition. Volk, a seasoned banking professional with 45 years of experience, including a prior role as BBVA Compass Bank’s El Paso-area district executive, emphasized that acquiring existing branches is an efficient strategy for rapid expansion.
Volk stated, “We like the locations,” emphasizing the strategic positioning these branches provide across key areas of El Paso. Beyond physical locations, the acquisition is also aimed at bolstering Western Heritage Bank’s service offerings. “We are picking up some good employees” and importantly, gaining entry into the home-mortgage business, Volk added, highlighting the dual benefits of talent acquisition and service diversification driving this strategic purchase. The deal also includes Western Heritage assuming approximately $35 million in deposits and acquiring a currently unspecified volume of loans held at these branches, along with Pioneer’s home mortgage lending operations in El Paso.
While specific financial details of the transaction remain undisclosed, the acquisition is currently undergoing regulatory review and is anticipated to be finalized in the second quarter. This expansion builds upon Western Heritage Bank’s entry into the El Paso market last year with the purchase of a PlainsCapital Bank branch at 4849 N. Mesa St. For Pioneer Bank Las Cruces Nm and its parent company, this sale represents a strategic realignment of their branch network. Pioneer Bank maintains a significant presence across New Mexico, with branches in Las Cruces, Alamogordo, Carlsbad, Hobbs, Roswell, and Ruidoso, alongside home mortgage offices in Midland, Texas, and Glenwood Springs, Colorado.
This acquisition positions Western Heritage Bank as a growing force in the El Paso banking sector, expanding its reach and service capabilities through the strategic purchase of established Pioneer Bank branches. The move promises to bring increased competition and potentially enhanced banking services to the El Paso community.
