NMBT Acquired by UMB Bank Boosting Local Financial Assets to $65 Billion

Sandoval County's Board of Finance meeting on February 12, 2025, highlighted significant financial updates, including a notable increase in the county's collection rate and a decline in gross receipts tax revenue. The county's ten-year collection rate has risen to an impressive 93.8%. However, the gross receipts tax for the second quarter of the fiscal year reached $6.6 million, which is $1.2 million more than the previous year but $609,000 less than last fiscal year. This decline is attributed to a slowdown in construction at the Intel Lida project, raising concerns about future revenue streams.

In a pivotal moment, Melanie Velasquez, representing New Mexico Bank and Trust, addressed the board following the bank's recent acquisition by UMB Bank. Velasquez detailed the transition, emphasizing that New Mexico Bank and Trust will continue to operate under local leadership while expanding its asset base to $65 billion. She assured that the merger would not disrupt services, with plans for strategic communication and conversion processes set for October 2025.

Velasquez also highlighted the bank's commitment to supporting local communities, noting contributions of over $630,000 to nonprofits and more than 3,200 volunteer hours from employees in New Mexico. The bank's focus on public funds and municipal partnerships aims to strengthen financial support for local entities.

As the meeting progressed, the board reviewed interest earnings from accounts, reporting over $2.8 million collected in 2024. The current interest rate stands at 3.75%, following fluctuations due to Federal Reserve adjustments. The board anticipates further discussions on financial strategies in upcoming meetings, aiming to address the challenges posed by declining revenues while leveraging local banking resources for community growth.