ALBANY, N.Y. — Add the $450 million Capital Communications Federal Credit Union and $80 million Excelsior Credit Union to the growing list of credit unions with plans to merge.
While both credit unions' board directors unanimously approved the plans, the merger is contingent upon regulatory approval and a membership vote.
The merger is expected to be completed by the end of 2007 with Capital Communications retaining all current Excelsior members, employees and all branch locations.
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The Business Review has named Capital Communications a Great Place to Work for the past three years.
"The merger with Capital Communications is very exciting for our members," said Kenneth C. Herr, president/CEO of Excelsior CU. "The two credit unions share the same philosophy of ensuring that the members' needs are the utmost priority."
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