The boards of directors of the CAP COM and SEFCU credit unions approved on July 28 a “merger of equals,” creating “a Capital Region-headquartered financial and community powerhouse” that will become fully integrated next year.
The newly combined entity will be renamed to reflect the respective histories and common values of both organizations, which are rooted in the credit union philosophy of “People helping People” for all stakeholders, officials said.
According to the companies, merging SEFCU and CAP COM is supported on three critical criteria: dedication to employees and their careers; value to our members and their communities; and the ability to succeed in a marketplace that is expected to see significant change and the consolidation of like-minded credit unions.
SEFCU also recently bought the office building along Route 9 in Malta near Ellsworth Commons where a SEFCU branch is located, as well as Ellis Medicine offices.
SEFCU paid $3.8 million for the building at 2537 Route 9 in Malta, according to a deed filed in the Saratoga County clerk’s office.