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Merger FAQs

Together, we can do more. By banding together, CAP COM and SEFCU can fuse the best of both credit unions to expand benefits for members, employees, and communities. Thank you for your patience during this multi-step process – from the announcement of the intent to merge through approvals from regulators – and concluding with the CAP COM member vote.

Members have been asking us about whether their favorite benefits would be offered in a unified credit union – especially free coin machines and free checks (certain styles) – yes to both! We appreciate that you’re checking to make sure employees keep their jobs in the future. And we’re thrilled that members will have access to five times as many branches (and thousands more surcharge-free ATMs).   

Keep reading for answers to other questions and or jump to a topic:
Why Unite?
Process & How to Participate
CAP COM Member Vote
Banking Basics
Branches & Employees
Support for Nonprofits

You can submit a question or comment to help us address questions here that members ask most frequently. To receive communications, please confirm your email address in the settings of your online banking account.

If you’re a nonprofit that receives support from the CAP COM Cares Foundation, see FAQs for you

Why Unite

How would members benefit?
Members would have access to five times as many branches and more than 85,000 surcharge-free ATMs – plus online banking enhancements. The 61 full-service branches across New York would include 48 in the Capital Region and 27 video tellers. We would be able to make larger investments in staff to serve you, in technology to advance, and in support for our community – preserving the credit union way of life for generations to come.

Why form an alliance with SEFCU?
Combining resources to unite as a new credit union would increase opportunities for members and others we serve – in the coming years and for generations ahead. Together, CAP COM and SEFCU would be the largest financial institution in the Capital Region, however sheer size is not the goal. By joining forces and resources, we can expand benefits and strengthen the credit union alternative to big banks.

Is SEFCU acquiring CAP COM?  
CAP COM and SEFCU seek to form a new credit union that brings together the best of both worlds to benefit members, employees, and the communities we serve. The fields of membership of CAP COM and SEFCU would unite under one newly established brand with a new name. CAP COM’s field of membership would be integrated into SEFCU’s, so the new credit union can operate statewide.

What is your commitment to me as a member?
CAP COM has built its reputation on advocating for members with caring expertise and service that caters to individual needs. Leaders at CAP COM would head up member services in the new credit union and create standards for excellence across the entire organization.

Process & How to Participate

Is the merger a done deal?
CAP COM members will decide the outcome by voting on the proposed merger with SEFCU. The National Credit Union Administration (NCUA) granted their approval for the member vote. The vote will begin in early May and conclude at the Special Meeting in late June. Learn more about the member vote

What’s taking so long?
With a potential merger of this size, there are many stages in the process leading up to the member vote. After the initial intent to merge, a comprehensive due diligence process was undertaken by both credit unions. The board unanimously approved moving ahead. Plans were developed and applications were submitted to regulators. Now that we received regulatory approval, the vote has been scheduled. Learn more about the member vote.  

Which government body regulates credit unions?
Every federal credit union merger in the United States must receive regulatory approval from the National Credit Union Administration (NCUA). The NCUA reviews every merger application, supporting financial statements, potential benefits to members, service scope and footprint, branch locations, governance, and many other materials. The review period can be lengthy, depending on the complexity of the merger.

Who would lead the new credit union?
Christopher McKenna (CAP COM) would be President of the unified credit union, and Michael Castellana (SEFCU) would be CEO. Patrick Kelly (CAP COM) would continue serving as Chair of the Board of Directors, and the Board would include members from both credit unions.

CAP COM Member Vote

When is the member vote and how does it work?
CAP COM members can vote on the proposed merger beginning on May 5, 2022 and culminating at the Special Meeting to be held on Wednesday, June 22, 2022.  A Voting Ballot Packet and invitation to the Special Meeting of the members, to be held online, will be mailed to each CAP COM member eligible to cast a vote. The packet will contain instructions for posting public comments and voting on the proposed merger (by mail or online). Votes will be confidential and tabulated by an independent third-party. Learn more about the member vote.

Who’s eligible to vote?
Members age 18 or older in good standing can vote. In general, this would be the primary account holder as of March 31, 2022. Eligible CAP COM members will have about 45 days to submit their ballots by mail or online. Learn more about eligibility and the member vote.  

Why do CAP COM members get to vote on the merger and SEFCU members don’t? 
The fields of membership of CAP COM and SEFCU would unite under one newly established brand for the combined organization with a new name. For the new credit union to operate statewide, CAP COM’s field of membership would be integrated into SEFCU’s. Therefore, based on industry regulations, only CAP COM members would have the opportunity to vote on the proposed merger. Learn more about the member vote.

When will the Special Meeting of the members occur?
The Special Meeting, at which members can hear from CAP COM leaders about the merger, including answers to submitted questions, will occur on June 22, 2022 at 5:00 p.m. The Special Meeting will be held online and open to CAP COM members. Details about how to RSVP will be included in the voting ballot packet. Learn more about the member vote.    

Banking Basics

What about perks that set CAP COM apart?
There’s been an outpouring of gratitude for the free coin machines in branches, and free supplies of checks for members' checkbooks. Rest assured, the coin machines would be here to stay in the combined credit union – and they would continue to be free for members. Plus with a larger network of full-service branches, you’d be able to use the coin machines at no cost, at more locations. And you can continue to order checks for delivery to your mailbox when you run out, and we’ll cover the cost (standard design choices).

Are my accounts going to be affected?
If members vote to approve the merger, it would be business as usual on day one with no immediate effect to your accounts. Keep using your debit and credit cards, checks, log in to digital banking, and so on. Looking ahead, any account-related shifts or enhancements would be gradual with lots of communication and support from our teams.

Will my member number change?
Throughout this process, if your member number or account numbers need to change, you will be notified well in advance. As always, our credit union professionals will be available to guide you through any transitions and answer your questions.

Can I start making deposits at SEFCU branches?
You may already be aware that CAP COM participates in the CO-OP Shared Branch Network, enabling members to perform transactions at locations nationwide. This is especially valuable for members who relocate across the U.S. or need a branch while on vacation. Shared branch services would remain in place if the merger proceeds. SEFCU is in the process of joining that network for CAP COM members to enjoy added convenience. Once SEFCU has joined the network and is operating as a shared branch, we’ll let members know.  

Would NCUA share insurance apply if I have accounts at both CAP COM and SEFCU?  
Federal share insurance coverage can extend beyond the standard $250,000 if your accounts are set up properly. No action is needed right away because you would have six months for us to help you to organize your accounts after the merger. Our team can review your options and help you get ample coverage for your accounts during that period.

Branches & Employees

Are the employees at either institution losing their jobs?
Since employees make us who we are today, all of them would be vital in the new organization (no layoffs as a result of the merger). We look forward to maintaining our caring service as we serve a larger membership community. And a potential merger of this size creates a tremendous amount of opportunity for employees to expand their career options in the future.

Will there be any branch closures?
Visit your favorite branch for service from the friendly employees you’re accustomed to seeing. We’ll continue to review the credit union’s footprint and align locations to support the needs of members and communities, just as we always have. And, we’ll continue to evaluate the need for branch expansion.  

When can I expect to receive more information?
You can visit for the most up-to-date information. To confirm that the email address we have on file is accurate so you receive communications, please log in to your online banking account and update it in your settings.  

Support for Nonprofits

What is your commitment to us as a community partner?
Giving back to the communities we serve would remain at the heart of our service mission, increasing as we grow. We commit to supporting our community partners with the same passion and devotion 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.

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Thank you for your comments and questions. Questions members ask most frequently will be added to this FAQ page.

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