The Capital Region-based boards of directors of SEFCU and CAP COM announced today that they have unanimously approved a merger that will create a new, $8 billion credit union.
The merger will create the largest financial institution in the Capital Region based on local deposits, and one of the top five credit unions in the state, according to a Thursday press release. The new credit union will also become one of the top 30 credit unions in the nation.
Employees were told there will be no layoffs related to the merger and that the creation of the new credit union will provide the scale necessary to create greater opportunities for existing employees, the need for additional team members and significant advancements in products, services and support for members and community partners.
CAP COM President/CEO Chris McKenna:
We are excited to explore this potential opportunity to become stronger together. As like-minded, mission-driven credit unions who share a commitment to our employees, members, and community – this represents an exciting possibility to continue to expand our award-winning service to members across New York State, while continuing to invest in technology that makes banking more convenient. We look forward to continuing the process, with the intent to merge in 2022.
SEFCU President/CEO Michael Castellana:
Along with growing in size, this alignment will allow us to expand our reach and positive impact on our members and the communities we serve. CAP COM and SEFCU share similar values, culture, and commitment to community. We plan to apply the ‘best of both worlds’ principle in everything we do as we integrate our approach to supporting employees, members and the community. We are also excited about advancing our purpose-driven mission in new and exciting ways from expanding and enhancing our products, services, and support for our members, to offering deeper, more meaningful financial and volunteer contributions to nonprofit organizations.