FAQs: Intent to Merge

The SEFCU and CAP COM Boards have approved the exploration of unifying the two organizations. We will now begin the due diligence process. We will evaluate the affiliation based on three criteria: dedication to our employees and their careers; value to our members and their communities; and vitality in a marketplace that is expected to see significant change and consolidation of credit unions.

We recognize that this announcement will generate questions from members and community partners. Below you will find initial FAQs, and we will be adding to this throughout the process.  

Member FAQs

Is SEFCU acquiring CAP COM?
CAP COM and SEFCU have agreed upon an intent to merge in order to form an entirely new credit union, bringing together the best of both worlds in order to benefit our employees, members and the communities we serve.


Why are you doing this?
Together, CAP COM and SEFCU will be the largest financial institution in the Capital Region, giving you, the member, expanded access to branches, improved member services, and future innovation. You will have more locations to enjoy the great credit union service that you have come to know and enjoy. It will also give us the opportunity to participate in larger philanthropic efforts in the communities where we live, work, and serve. 


How does the member vote work?
Members can expect to receive notice of a special meeting of the membership, following the due diligence and regulatory approval phases. At the meeting, members will vote on the proposed merger. Notice of the special meeting will be provided at least 45 days in advance. The notice will contain details about how the vote will operate and a link to an online portal where members can post public comments. The portal is available for 30 days for anyone who wants to go and review the comments.

What is our commitment to you as a member?
We commit to individualized service for your personal and business finances. We look forward to continuing to serve you and your family as a member of our new credit union family. We are committed to continuing to create a customized financial experience for your unique needs.


When is this happening?
We are in the preliminary stages of this process. With a potential merger of this size, we have a long road ahead to ensure a smooth transition and the enhanced experience you deserve. We are hoping to complete our due diligence and announce a proceeding to merger sometime in 2022.  We will continue to provide additional communication as we progress.


Are my accounts going to be affected?
It is business as usual for our members at this time. There will be no immediate impact to your accounts following this announcement. Looking ahead, our intention throughout this process is to ensure the same accessibility to your accounts that you enjoy today. Any impact or required changes will be communicated to membership throughout this process, including account-related enhancements and changes.


Will my member number change?
At this time, your member number will remain the same. Throughout this process, in the event that your member or account numbers have to change, you will be notified well in advance, and we will assist you every step of the way.


Can I start making deposits at SEFCU?
You may already be aware that CAP COM participates in the Shared Branching Network. SEFCU is in the process of joining that network, opening up every SEFCU location for CAP COM members to enjoy added convenience. We will announce formally to members once SEFCU has joined the network. 


Will there be any branch closures?
Pending the decision to proceed to merge and form a new entity, branch footprint and location proximity will be reviewed and aligned to best support the needs of our members and communities. We will also continue to evaluate the need for branch expansion.


Are the employees at either institution losing their jobs?
There will be no layoffs as a result of this merger. In fact, a potential merger of this size creates a tremendous amount of opportunity for existing employees to expand their career options in the future.


When can I expect to receive more information?
Visit our website and follow our social media channels for the most up-to-date information. Be sure your email address on file is up to date so as to ensure you receive future communications. To confirm that the email address we have on file is accurate, please log in to your online banking account and update it in your settings.


Community Partner FAQs

What is your commitment to us as a community partner?
We commit to continuing to support our community partners with the same passion and commitment to corporate philanthropy that you have seen from SEFCU and CAP COM in the past.


Will you be continuing philanthropy at the new organization?
We look forward to the potential opportunity to serve our community in a larger way with the strength of a combined organization.