Two Capital Region credit unions are merging. The boards of directors for SEFCU and CAP COM have voted to approve the creation of an $8 billion financial institution. The new entity – which aims to be fully integrated next year – will be renamed. The companies say there will not be any layoffs associated with the move. Approvals are needed from the National Credit Union Administration and the New York State Department of Financial Services, along with a membership vote.
SEFCU, which opened in 1934, has more than 50 branches in the Capital Region, Binghamton, Syracuse and Buffalo. The credit union has over 350,000 members and more than $5 billion in assets.
“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,” said SEFCU President and CEO Michael Castellana. “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.”
CAP COM, which was founded in 1953, has 12 branches, more than 140,000 members and $2 billion in assets.
“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,” said CAP COM President and CEO Chris McKenna in a statement. “We look forward to continuing the process, with the intent to merge in 2022.”
