ALBANY, N.Y. (WBNG) — SEFCU and CAP COM Boards of Administrators unanimously voted to approve merging the two federal credit unions Wednesday.

Both are headquartered in New York’s Capital Area. The merger will grow to be thoroughly integrated subsequent year.

In a news launch, CAP COM stated the put together credit history union will be renamed to encompass the respective histories and widespread values of both of those corporations.

The merge is supported on a few requirements, according to the new entity, they are “perseverance to workers and their careers, worth to members and their communities, and the capacity to do well in a market that is anticipated to see important alter and the consolidation of like-minded credit rating unions.”

CAP COM President and CEO Chris McKenna voiced his pleasure in a information release sent to media:

“As like-minded, mission-driven credit history unions who share a motivation to our workforce, associates, and community – this signifies an remarkable chance to proceed to grow our award-winning services to members across New York Condition, when continuing to spend in technological innovation that tends to make banking much more effortless,” McKenna reported. “We seem ahead to continuing the system, with the intent to merge in 2022.”

The information launch stated that the unification will not lead to any layoffs within the corporations, but relatively make far more positions and options for present employees.

The merge will generate the largest economical institution in the Money Location based on local deposits, and just one of the best five credit unions in the state, CAP COM explained.