ALBANY, N.Y. (NEWS10) — On Wednesday, July 28, SEFCU and CAP COM boards of directors unanimously approved a merger to create a new $8 Billion Credit Union.

The new credit union is expected to go through next year and will be renamed to reflect the respective histories and common values of both organizations. When the merge happens there will not be any layoffs related to the merger.

“We are excited to explore this potential opportunity to become stronger together. As like-minded, mission driven credit unions who share a commitment to our employees, members, and community – this represents an exciting possibility to continue to expand our award-winning service to members across New York State, while continuing to invest in technology that makes banking more convenient,” said CAP COM President and CEO Chris McKenna. “We look forward to continuing the process, with the intent to merge in 2022.”

This merge is expected to make the new credit union one of the top five credit unions in the state and top 30 in the nation.