Capital Communications Federal Credit Union of Albany, N.Y. has merged with City of Schenectady Employees Federal Credit Union, a $3.2 million-asset institution based in Schenectady, N.Y.
This is CAP COM’s second merger of the year, following the $1.9 billion-asset CU's
“I believe this is a wonderful opportunity for the CSEFCU members to join CAP COM, and gain access to the services we provide including multiple branch locations, a vast network of ATM’s, educational resources, online and mobile technology and award-winning service tailored to our members’ needs,” Chris McKenna, CAP COM’s president and CEO, said in a release.
McKenna, who previously held lending roles at the credit union,
City of Schenectady Employees FCU reopened as a CAP COM branch on Dec. 4, though the location has limited services according to the merger press release. Still, the location will provide services such as ATM withdrawals, deposits, payments, transfers, loan guidance and new account openings.
Members of CSEFCU will join CAP COM’s 133,000 members and gain access to additional products and services available at 11 additional branches.
According to CSEFCU's latest September call report, the credit union experienced a net loss of $45,381, about $8,000 more than it lost during the same period last year. Year-end call report data shows the credit union has not turned a profit since 2013, when it finished the year with a net income of just under $10,000.
CAP COM reported net income of $11.4 million during the first three quarters of the year, down about 12% from its earnings during the same period of 2018.
“In order to succeed in today’s economic atmosphere, many credit unions look at mergers as a practical approach,” City of Schenectady Employees Board Chairman Sean Solomon said in a release. “This union with CAP COM will uncover opportunities to offer improved products and services to our members. This merger will benefit both CAP COM members and CSEFCU members.”
