The following appeared in a 1983 Albuquerque Journal news article: William “Bing” Grady, president of the bank, admits that he and his team of top executives have been looking over their shoulders of late at the pack of pretenders to the throne of state banking. Loosed from the bonds of regulation and lobbying hard for still more freedom to introduce new packages of financial services and interstate banking, feisty brokers and thrifts throughout the country are knocking banks off at the rate of one a week. “Our competitors are going to be strong,” acknowledges Grady. Still, Sunwest has been a leader in service throughout the state. It was the state’s first mortgage lender, the first to issue credit cards, and the state’s leader in electronic banking. It’s Mesa Grande bank-card center — the state’s only processing center — makes and embosses credit cards, authorizes credit on a 24-hour basis, and processes Visa and Mastercard for 45 banks, 6,500 merchants and 185,000 cardholders. “This community doesn’t like change,” said Grady. “The good old boy days may be gone, but when a customer walks in the door, he likes to know that he’s going to see the same faces.” As of 1983, Sunwest held 25% of deposits in Albuquerque, First National Bank held 15.2%, First Interstate Bank held 7.7%, First City National Bank held 4.4%, Albuquerque Federal held 17.1%, Sandia Federal held 11.0% and all other banks held 20%. Of course, Sunwest is now Bank of America, the second largest bank in Albuquerque by deposit size with $5.51 billion in deposits as of June 30, 2024, and a 12.6% market share. One Big Beautiful Bill (OBBB) My comments concerning OBBB, which was signed into law on July 4 and contains 870 pages, are intended to discuss certain subjects covered in that bill and do not reflect in any way my personal opinions or the opinions of other individuals related to the NMBA. Our intent is to simply report the facts. Business Provisions ACRE Act: OBBB includes a narrow version of the Access to Credit for Our Rural Economy Act of 2025 (ACRE). The act permits a qualified lender to exclude from gross income 25% of interest income derived from certain qualified real estate loans to include any loan secured by rural agriculture real estate such as any real property which is substantially used for the production of one or more agricultural products, any real property which is substantially used for the trade or business of fishing or seafood processing, and any aquaculture facility. Section 199A Pass-Through Deduction: The OBBB maintains the current Section 199A pass-through deduction rate of 20% and makes it permanent. Qualified Business Income Deduction: Noncorporate taxpayers who held interests in certain partnerships and other pass-through entities, including real estate investment trusts 7
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