The CAP COM-SEFCU merger was approved by CAP COM members last week, following a six-week voting period. Starting Aug. 1, members can perform basic transactions at either credit union.
In a message to CAP COM members, President/CEO Chris McKenna, said that over the coming months, CAP COM and SEFCU will be working diligently to ensure a smooth transition into one organization.
“For our members, it is business as usual at this time,” McKenna said. “You will continue to receive the great service and benefits that you are accustomed to having.”
A message on SEFCU’s website stated that, by joining forces, “we will continue doing what we do best and provide more value for members in the future.”
Following the announcement of the proposed merger in July 2021, SEFCU President/CEO Michael Castellana stated that CAP COM and SEFCU share similar values, culture, and commitment to community, and “[w]e 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.”
CU Ballot, the independent company appointed to administer the member vote, certified the result, according to CAP COM.
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 the two credit unions. The new credit union will also become one of the top 30 credit unions in the nation.
Pretty exciting news. We have been working with CapCom through our HomeOwners Advantage relationship for years and have loved the similar culture fit, their desire to meet the members needs and their strong commitment to their employees, members, community and all business vendor partners! We look forward to what’s ahead.