About LOCO Credit Union
In the early fifties a small group of teachers got together and decided that they wanted to try to organize a financial entity just for teachers. The membership was open to school employees in Otero County, employees of the credit union and members of the immediate families. A teacher from Ruidoso asked to join the credit union so the by-laws were amended to include the Lincoln County Schools into the field of membership in 1965. Charles Southard named the credit union L.O.C.O. Credit Union. L.O.C.O. stood for Lincoln Otero Counties. Over the next several years the Board of Directors included eight other counties that were not being served by a school credit union. Today, LOCO Credit Union serves ten counties in the state of New Mexico. For this reason, the periods were dropped and the credit union was renamed LOCO Credit Union.
The following counties are currently being served by LOCO Credit Union:
Membership in this credit union shall be limited to those having a common bond of association, occupation, or residence as follows: active Board of Regents, School Board members, and School employees in Lincoln, Catron, Socorro, Torrance, Guadalupe, DeBaca, Hidalgo, Union and Harding Counties, Loving School Employees in the State of New Mexico; Residents of Otero County and Employees of this credit union; and members of their immediate families (any relative by blood or marriage, or foster and adopted children).
LOCO Credit Union was organized and state chartered in January 1953 under the name of Otero County Schools Credit Union.
The credit union operated out of a small closet in an old red brick building on Tenth Street. The credit union continued to grow and was relocated to it’s current location on Washington Avenue. After moving from a vacated principal’s office to a classroom at the Mid High School, to an office at First National Bank, and finally a small house on Tenth Street, next door to the Frosty. LOCO Credit Union was the first financial institution in Alamogordo to go online in December 1981.
On July 15th, 2007 LOCO Credit Union became a community chartered credit union, and opened its field of membership to the residents of Otero County. Membership is open to all residents of Otero county, or any one in the other 9 counties who is a school board member or school employee. Immediate family of members are also welcome to join.
Besides the great service and security with the LOCO Credit Union, members get to take advantage of these services:
Card Valet (Lost card? Freeze the service until it’s found)
Online Banking
Bill Pay
Mobile Banking
Mobile Deposit