Message to Members

January 27, 2022

Every January, I’m filled with the hope a new year brings and in 2022, even more so.

For many of us, nearly two years of the pandemic have concentrated our focus on what’s most important in life – the people we love, the support we can provide, and resources that help us manage.

As you know, I work with incredible professionals who make the principle of “people helping people” their mission. Taking care of each other is how credit unions operate, and our shared values draw us closer.

Even so, credit unions face immense challenges in an increasingly competitive landscape, most notably from powerful banks and digital disruptors. Today, there are 2,000+ fewer credit unions nationwide than just 10 years ago, as small credit unions close their doors or look to mergers for survival.

The proposed merger of CAP COM and SEFCU flips that script. Both credit unions are flourishing, so joining forces is a merger of opportunity that benefits you, employees, and our community. With more than $2 billion in assets and 140,000 members, CAP COM seeks to merge with SEFCU from a position of financial strength.

What makes this alliance so exciting are the possibilities it presents for members! By banding together, we can expand services to enhance your life, well beyond what CAP COM and SEFCU could do on their own.

For you, that would mean a more convenient, easy, and enjoyable banking experience. You would have access to a lot more branches across the state, video tellers, and thousands more free ATMs nationwide. Better rates and favorable pricing could be offered as operational efficiencies kick in. Larger investments in technology would accelerate digital banking enhancements. Giving back to the communities we serve would remain at the heart of our service mission, increasing as we grow. And, the personalized care you enjoy today would be the gold standard developed across the organization.

A unified credit union would have the scale to keep advancing, in the coming years and for generations to come. In terms of number of members, it would rank among the largest credit unions in New York and the top 30 in the United States. We would have the most branches of any financial institution in the Capital Region.

So where do things stand with the proposed merger, and how can you get involved? Both credit unions have completed a rigorous due diligence process which included independent reports by third-party partners. Merger plans and applications were submitted to regulators in mid-January.

Regulatory approval may take up to several months. Once granted, a CAP COM member vote will follow. We will continue providing updates so you can stay informed, and we encourage you to participate in the vote. Fusing the best of both credit unions to create more life-enhancing benefits for members is the ultimate collaboration!

Meanwhile, for help achieving your financial wellness goals in 2022, remember to turn to your friendly experts at CAP COM. It’s our privilege to serve you in the coming year and at every turn in your life.

Sincerely,

Christopher McKenna
President/CEO