ALBANY, N.Y. (NEWS10) – The merger of CAP COM and SEFCU was approved by CAP COM members on Wednesday, after a six-week voting period. Uniting the two credit unions will be a gradual process over the next several months.
Starting on August 1, members will be able to perform basic transactions at either credit union. These include making deposits, loan payments, and account inquiries, withdrawing money, taking loan advances, transferring funds between credit union accounts, and getting copies of account statements.
The two companies plan to be fully operational as one credit union in late 2023. The move is expected to make the new credit union one of the top five in New York State, and the top 30 in the nation.
In a joint statement, SEFCU and CAP COM officials said, “The overwhelmingly positive CAP COM member vote confirms our historic merger. It also affirms what we’ve learned after more than a year’s worth of discussions and planning – bringing together our two like-minded and high-performing credit unions presents tremendous opportunities for our members, employees, and community partners.”
The SEFCU and CAP COM boards of directors first approved the merger on July 28, 2021. The new credit union will be renamed to reflect the common values and respective histories of each organization- a name that has not yet been released. Officials say there will not be any layoffs related to the merger.