Two Capital Region federal credit unions — SEFCU and CAP COM — are on the verge of a merger that will create a new $8 billion credit union.

The CAP COM and SEFCU boards of directors voted unanimously on July 28 to approve a “merger of equals,” which will become fully integrated next year, according to a release from both boards.

The newly combined entity will be renamed.

Employees were informed of the pending merger by the president and chief executive officer of each organization on Thursday.

The due diligence process and regulatory approval of both the National Credit Union Administration and the New York State Department of Financial Services, and the membership vote, will likely require an effective date of the transaction in 2022.

When CAP COM and SEFCU join, there will not be any layoffs related to the unification, according to the release.

CAP COM, the Capital Communications Federal Credit Union, established in 1953, has more than $2 billion in assets, more than 140,000 members, and 12 branch locations.

SEFCU, the State Employees’ Federal Credit Union, established in 1934, has more $5 billion in assets, more than 350,000 members, and more than 50 branches in the Capital Region, Binghamton, Syracuse, and Buffalo.

The merger would create the largest financial institution in the Capital Region based on local deposits, one of the top five credit unions in the state, and one of the top 30 credit unions in the nation, the release said.

“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 in the release.

“We plan to apply the ‘best of both worlds’ principle in everything we do as we integrate our approach to supporting employees, members and the community,” said SEFCU President and CEO Michael Castellana in a statement. “We are also excited about advancing our purpose-driven mission in new and exciting ways from expanding and enhancing our products, services, and support for our members, to offering deeper, more meaningful financial and volunteer contributions to nonprofit organizations.”

— Melissa Hale-Spencer