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Union Savings Bank

Overview:

Union Savings Bank was formed in 1985 by several New Mexico building trades unions that felt they were not being properly served by existing financial institutions. Utilizing their pension and local union funds, they purchased stock to open the Bank. The Bank is open to the general public but is especially union oriented. We currently bank the majority of the locals and their associated pension, health and welfare, dues, and other funds in New Mexico. We also perform a lockbox function that accepts employers’ contributions and distributes them to the appropriate accounts.

In addition to union ownership, the staff of Union Savings Bank is organized by the United Food and Commercial Workers Union Local 1564. This makes USB the only true union bank in this region and one of only six in the entire country.

Through your assistance and participation, deposits in Union Savings Bank can greatly increase the availability of loans to working union members, finance additional construction projects, and generate work for all union members.

At Union Savings Bank, we are union-owned and understand that the satisfaction of each customer is the key to success. Anytime one of the building trades’ members comes in covered with dirt and sweat, we recognize that it is his or her labor that creates and maintains this organization. That realization leads to superior service for all customers – not just those that appear to be wealthy.

History:

5/31/1985 Institution established. Original name: Union Savings Bank

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