In the summer of 2021, SEFCU and CAP COM Boards of Directors unanimously approved a merger of equals to create a new $8-billion Capital Region-headquartered credit union. Since last summer, both organizations have been diligently working to gather information and submit the appropriate applications to state and federal regulators.
By partnering with CAP COM, we will be stronger and better able to provide market-leading products, services, and access, while continuing to invest in our security infrastructure. The proposed merger will also give us the scale needed to make investments and preserve the credit union way of life for generations to come and in late-March a major milestone was reached as the National Credit Union Administration (NCUA) granted approval.
Check this page to find out where we are in the merger process, read FAQs and press releases, and review member communications.
Member Communications (Coming Soon)
Frequently Asked Questions
- Why are you merging?
By partnering with CAP COM, we will be stronger and better able to provide market-leading products, services, and access, while continuing to invest in our security infrastructure. The proposed merger will also give us the scale needed to make investments and preserve the credit union way of life for generations to come.
- Is CAP COM merging with SEFCU?
The merger of SEFCU and CAP COM is a merger of equals where the best of both worlds will come together to benefit members, employees, and the community. That’s why we’re investing extra time and effort to ensure the values of the combined organizations align.
- When will the merger take place?
A merger of this size takes time to ensure a smooth transition for all. We anticipate the merger will take place during 2022. Additional details will be shared as they become available.
- Will my accounts be affected?
There are no immediate impacts to your accounts and you can continue to bank as you to today. That means if the merger is approved, you can continue to log into online banking, use your debit card and credit cards, and checks as you do today. Any potential changes will be communicated well in advance.
- Will there be any branch closures?
At this time there are no plans to close branches. If the merger is approved we will evaluate each location and its proximity to other branches will be reviewed but you can continue to visit your favorite SEFCU branches for your banking needs!
- Will employees at either organization lose their jobs?
Both SEFCU and CAP COM have committed that there will be no merger-related layoffs at either credit union. Additionally, a merger of this size will offer employees significant growth opportunities given the size and breadth of the new institution.
- What is your commitment to me as a member?
We commit to individualized service for your personal and business finances. We look forward to continuing to serve you and your family as a member of our new credit union. We're committed to continuing to create a customized financial experience for your unique needs.
- Why do CAP COM members get to vote and SEFCU members don't?
The fields of membership of CAP COM and SEFCU would unite under one newly established brand for the combined organization with a new name. In order for the new credit union to operate statewide, CAP COM's field of membership would be integrated into SEFCU's. Therefore, based on industry regulation, only CAP COM members would have the opportunity to vote on the proposed merger. If you are a member of both SEFCU and CAP COM you will have the opportunity to vote.
- Would NCUA share insurance apply if I have accounts at both SEFCU and CAP COM?
Share insurance coverage can extend beyond the standard $250,000 if your accounts are structured properly. No action is needed immediately because you would have six months after the merger to organize your accounts. Our team can review your options and help you get ample coverage for your accounts during that period.