ALBANY, N.Y. — After receiving NCUA and member approval, Excelsior Credit Union and Capital Communications Federal Credit Union will merge on Oct. 1.
The $82 million Excelsior serves more than 11,600 members. This will be the fourth merger for $562 million Capital Communications since 2004, according to the credit union. Capital Communications said it will retain all current Excelsior members, employees and branch locations and the Capital Communications charter will be the surviving charter after the merger is complete.
"We are very excited to welcome the members of Excelsior Credit Union into our Credit Union family and we are confident they will enjoy and benefit from the many products and services we can offer them," said Paula Stopera, president/CEO of Capital Communications.
Kenneth Herr, president/CEO of Excelsior, said the merger will bring value-added services to members including an expanded branch network and a commitment to new technology and product development.
"Our two credit unions share a philosophy of service that ensures the members' needs are considered as our utmost priority," Herr said.
Upon completion of the merger, Capital Communications will have more than 65,000 members and more than $650 million in assets.
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