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Second Largest CU Membership Formed in N.Y. After Merger Approval

SEFCU becomes the state’s fourth largest financial cooperative with $8.3 billion in assets and more than a half-million members.

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Members of Capital Communications Federal Credit Union (CAP COM) approved a merger into the State Employees Federal Credit Union (SEFCU) that creates New York’s fourth largest financial cooperative with $8.3 billion in assets and 523,712 members, forming the second largest membership in the Empire State.

“The overwhelmingly positive CAP COM member vote confirms our historic merger. It also affirms what we’ve learned after more than a year’s worth of discussions and planning – bringing together our two like-minded and high performing credit unions presents tremendous opportunities for our members, employees and community partners,” the credit unions said in a prepared statement on Tuesday.

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