Western Heritage Bank, a community bank based in Las Cruces, New Mexico, is set to significantly increase its presence in El Paso, Texas, through the acquisition of three Pioneer Bank branches. The agreement, announced by Western Heritage officials on Thursday, marks a strategic move for the Las Cruces-based institution to solidify its foothold in the El Paso market.
The branches being acquired from Pioneer Bank, which is headquartered in Roswell, N.M., are strategically located across El Paso at 6068 Gateway East Blvd., 2290 Trawood Drive, and 7015 N. Mesa St. These locations provide Western Heritage Bank with immediate access to key areas within El Paso, enhancing its service network and customer reach. As part of the acquisition, Western Heritage Bank will welcome approximately 30 employees from the Pioneer Bank branches, ensuring continuity and local expertise at these locations.
Jim Volk, chairman of the board at Western Heritage and CEO of its holding company, New Mexico First Financial, highlighted the strategic rationale behind this acquisition. Volk, a seasoned banking executive 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 method for Western Heritage Bank to achieve rapid growth. The acquisition will see Western Heritage Bank assume around $35 million in deposits and acquire a selection of loans from the Pioneer Bank branches. Furthermore, the deal includes Pioneer Bank’s home mortgage lending operations in El Paso, a business area that Western Heritage is keen to expand.
“We are attracted to the locations of these branches,” Volk stated, noting their strategic positioning across El Paso. He also pointed to the value of retaining experienced staff and entering the home mortgage business as key drivers for the acquisition. This move builds upon Western Heritage Bank’s initial entry into the El Paso market last year with the purchase of a PlainsCapital Bank branch at 4849 N. Mesa St. The acquisition of these Pioneer Bank branches further underscores Western Heritage Bank’s commitment to growth and its strategic interest in the El Paso region.
The transaction is currently pending regulatory approvals and is anticipated to be finalized in the second quarter. While financial specifics of the deal have not been disclosed, the acquisition represents a significant expansion for Western Heritage Bank, allowing the Las Cruces-based bank to extend its community banking services and offerings to a broader customer base in El Paso. This strategic expansion positions Western Heritage Bank as a growing player in the El Paso banking landscape, building on its Las Cruces roots and community-focused approach.
