SEFCU, CAP COM announce $8 billion merger

Two major credit unions in the Capital Region are merging. Leaders at SEFCU and CAP COM unanimously approved a merger to create a new $8 billion credit union.

The new credit union will have a new name that reflects the histories and values of both organizations.

Employees with both credit unions were told about the merger Thursday morning. Leaders from both financial institutions say there will not be any layoffs related to the merger.

"This effort will create the largest financial institution in the Capital Region based on local deposits, and one of the top five credit unions in the state," both credit unions said in a statement.

They say the merger likely won’t be official until 2022.