Members of Postal Employees of Troy, N.Y. Federal Credit Union have approved a merger with CAP COM Federal Credit Union in Albany, N.Y.
The vote was held during a special meeting on Thursday, according to a press release on Friday. Pressure from the current regulatory environment drove PETFCU to merge into CAP COM, according to the press release.
“At CAP COM, it’s our goal to provide each member with a wonderful experience,” David Jurczynski, the $1.8 billion-asset CAP COM’s chief financial officer, said in the release. “We are thrilled to welcome members of PETFCU to CAP COM, so they can enjoy the genuine, excellent service for which we are known.”
The 89-year-old PETFCU will shutter operations at its headquarters, and its over 150 members will join CAP COM’s membership.
The $1.2 million-asset PETFCU lost almost $5,700 through the first six months of the year, compared with losing about $5,800 for the same period a year earlier. Kevin Burke, PETFCU’s CEO, said that the merger would be an opportunity for members to gain access to a wide range of services.
“CAP COM’s community involvement allows our members to see firsthand that they truly care about the people and families they serve,” Burke said in the release.
