OGDENSBURG — St. Lawrence Federal Credit Union will merge with SeaComm Federal Credit Union in the near future, a move credit union officials say will allow it to face future challenges.
The merger comes after the SLFCU Board of Directors recently voted to move the venture forward. It will still require regulatory approval and a member vote, which is expected to take place sometime this summer.
“We are excited to partner and merge into a St. Lawrence County originated credit union with a reputation of strong member and employee commitment. SeaComm Federal Credit Union has a CEO with 15 years of leadership experience and very strong financials. This merger will help ensure there will always be a locally originated credit union that can better compete with the challenges that will be faced in the future,” Douglas Loffler, chair of the SLFCU board, said in a news release.
With $226 million in assets and 12,289 members, SLFCU has six total branches in St. Lawrence County — two in Ogdensburg at 800 Commerce Park Drive and 333 State St.; one in Canton at 33 Court St.; another in Potsdam at 6585 Route 56; and two newer locations in Heuvelton at 83 State St. and at 111 Church St., Hermon.
SeaComm Federal Credit Union has $770 million in assets and 52,977 members with nine branches in St. Lawrence, Franklin, Essex, Clinton, Jefferson and Lewis counties in New York and Grand Isle, Franklin and Chittenden counties in Vermont.
No SLFCU branch will close and none of its 52 employees will lose their jobs due to the merger.
“Everyone will remain in place and will continue working with the members to ensure their financial needs continue to be met,” the release stated.
SLFCU President and CEO Todd R. Mashaw said that the merger will unite two like-minded, member-focused credit unions into one, “making it even stronger.”
“Both Credit Unions know the value of being there for our members and our employees,” Mr. Mashaw said. “We both make lending decisions in our branches and work hard to make choices that will always have a positive impact on our members. Both do what is right for our members. That said, we are in a unique strategic position today to build upon two long standing, well-run organizations that know our members and what the needs of our communities are all about.”
Mr. Mashaw will retire as CEO and will be retained as a consultant for one year after the merger.
Once the two credit unions are combined, SeaComm’s President and CEO Scott A. Wilson will take the reins.
“We are very excited to have St. Lawrence become a part of SeaComm. This is a transformational partnership that will enhance what we are able to do for all our members, employees and communities in which we operate. Both Credit Unions’ mission and values are succinctly aligned and will only strengthen the Credit Union as we move forward together well into the future,” Mr. Wilson said. “A key to the success of this merger will be the staff who will remain in their branch/office locations to continue to take care of the members as they do so well.”
The release states that through the merger, members will have access to a larger branch network and will have access to increased service and product offerings, such as SeaComm’s personal financial adviser services as well as its loyalty rewards.
Myron Burns, chair of the SeaComm Board of Directors, said that SLFCU members will be taken care of according to the high standards to which they are accustomed.
“We are pleased to be able to be part of such a well-run Credit Union like St. Lawrence. We will ensure as this merger moves forward that St. Lawrence’s members, who will become members of SeaComm, are taken care of in the same high-touch, personal, friendly and attentive manner they have always been accustomed to,” he said.
An agreement between both boards of directors dictates that one SLFCU board member will join the SeaComm board and there will be an “advisory committee formed from the current St. Lawrence Board providing advice and counsel on the overall effect of the merger,” according to the news release.
The headquarters of the merged credit unions will be SeaComm’s 30 Stearns St. location in Massena, and a major operations center will be at SLFCU’s location at 800 Commerce Park Drive, Ogdensburg.
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