Credit union approves merger

At a special meeting on Wednesday, CAP COM members voted to approve the merger with SEFCU, according to SEFCU chief executive Michael Castellana.

The deal combines the two largest credit unions in the capital region with $8 billion in assets and nearly half a million members.

“Today is truly historic as two like-minded and highly successful credit unions can now officially become one,” Castellana said in his announcement. CAP COM has approximately 140,000 members and 400 employees. SEFCU has approximately 1,000 employees.

According to a previous Times Union article, SEFCU has more than 50 branches statewide, while CAP COM has 13 branches located in the capital region. The merged SEFCU and CAP COM will become one of the 35 largest credit unions in the country.

“Now that the merger is official and we are starting to move forward as a new credit union with a new name, we will start sharing more specific benefits for members, which we look forward to doing in the weeks to come” , Castellana’s post said. .

Credit union teams still have work to do as the two organizations head toward the merger, an integration process that will take several months, he said. Now, however, for the members, it’s business as usual, he added.

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