CAP-COM, SEFCU boards vote to merge
Rick Karlin is reporting for the Times Union the State Employees Federal Credit Union, or SEFCU, and the Capital Communications Federal Credit Union, or CAP COM are planning to merge. Once the process is complete, it would create the region’s largest financial institution at $8 billion and one of the top five credit unions in the state. Due diligence research and state and federal approval are ahead, but the merger plan was approved July 28, by the institutions' directors. The merger is expected to take place in 2022. Leaders of the credit unions say there will be no layoffs as a result, describing it as a union of two equals. One reason behind the merger was the need to compete as consolidation continues to grow in the credit union industry. Credit unions are similar to banks, offering consumer loans, credit cards and mortgages as well as deposits, but they are nonprofits technically owned by the members. Read the full story in the Times Union.