Bank of the Southwest evolved from the idea that community banks continue to thrive as a vital link in the economic well-being and prosperity of thousands of small and medium-sized towns, rural areas, and urban neighborhoods throughout America. Many community banks are becoming obsolete holdovers from a simpler time and incapable of competing in the complex, highly competitive, technology-intensive financial services marketplace that now exists. Bank of the Southwest's goal is to secure a niche in the financial services market by focusing its efforts on outstanding customer service and servicing the financial needs of those often overlooked by the larger banks.
Bank of the Southwest opened its doors in Roswell on December 10, 1992. The Bank was originally chartered under the name of First Bank of Truth or Consequences. In March of 1993, the holding company purchased First Bank of Truth or Consequences and changed the name to Bank of the Southwest at Truth or Consequences. In August of 1993, the holding company purchased First Bank of Farmington and changed the name to Bank of the Southwest at Farmington . In 1994, the charter was moved from Bank of the Southwest at Truth or Consequences to Bank of the Southwest at Roswell .
The bank experienced very rapid growth during its first two years. The purchase of the two existing banks in Truth or Consequences and Farmington contributed approximately $70 million in deposits. The "De Novo" or start up bank in Roswell created another $30 million in deposit growth. We have a loyal customer base and have a commitment to providing strong personal service through a truly "community" bank. New branches were opened in Hatch in 1998, and Las Cruces in 1999. A new branch was opened in Bloomfield in 2007. We currently operate in eleven locations: the main office and two branches in Roswell, also branch offices in Truth or Consequences, Elephant Butte, Hatch, two branches in Farmington, Kirtland, Bloomfield and in Las Cruces.