ALBANY, NY (NEWS10) – On Wednesday, July 28, the boards of directors of SEFCU and CAP COM unanimously approved a merger to create a new $ 8 billion credit union.
The new credit union is expected to see the light of day next year and will be renamed to reflect the respective histories and shared values of the two organizations. When the merger takes place, there will be no layoffs related to the merger.
“We are excited to explore this potential opportunity to grow stronger together. As like-minded, mission-driven credit unions that share a commitment to our employees, members and community – this represents an exciting opportunity to continue to expand our award-winning service to members in New York State, while continuing to invest in technology that makes banking more convenient, ”said Chris McKenna, President and CEO of CAP COM. “We look forward to continuing the process, with the intention of merging in 2022.”
The merger is expected to make the new credit union one of the top five credit unions in the state and the top 30 in the country.