SEFCU and Skidmore Announce Merger Plans
ALBANY, N.Y. -- Skidmore Employees Federal Credit Union will merge with State Employees Federal Credit Union pending NCUA and member approval.
Skidmore Employees' Board said it had been looking to ensure continued top service to its membership and selected SEFCU for its philosophy and ability to expand services to Skidmore Employees' members and ensure a presence on Skidmore's Campus. Skidmore Employees was established in 1974 and has more than $5.7 million in assets and over 1,000 members, mainly from the college.
"Small credit unions are at a competitive disadvantage with costly mandates and technology expenses, therefore the board felt a merger was in the best interest of our members, and we know we have chosen a partner whose philosophy, approach to business, and commitment to service most closely matches ours," Skidmore Employees President Barbara Opitz said.
Following the merger, SEFCU will be able to provide its new members Internet banking and expanded loan, deposit, and investment products. The transition is expected to take about three months.
"We're excited about the opportunity to offer SEFCU products and services on a college campus and to Skidmore members in the Saratoga area," said Michael J. Castellana, SEFCU president/CEO. "We are committed to maintaining a branch on Skidmore's Campus and know that the additional products and services we offer combined with our Wilton location and other offices in our ever expanding branch network will help to meet the financial needs of the Skidmore community."
SEFCU has more than $1.4 billion in assets, 147,000 members, and 21 offices throughout the Capital Region, Binghamton, Syracuse, and Buffalo.