Health Employees Federal Credit Union is merging into State Employees Federal Credit Union, effective June 1, pending regulatory approval.
Both credit unions are based in Albany, N.Y., with $32 million and $3.5 billion in assets, respectively. SEFCU is one of the largest credit unions in upstate New York and one of the 50 largest in the country.
With the addition of HEFCU's three branches located in Albany Med, St. Peter's Hospital, and Ellis Hospital, SEFCU will have 50 branches and an even greater reach across New York's Capital Region. More than 70 percent of SEFCU's members reside in the Capital Region, and the CU also has branches in Binghamton, Syracuse, and Buffalo
HEFCU's more than 3,500 members will join SEFCU's more than 350,000 member base.
“This is a great opportunity for our members to become part of a much-larger credit union that can provide more products, services, and conveniences. One-third of our members are also SEFCU members and the fact that the two credit unions share a commitment to the Capital Region made this a natural fit,” HEFCU President and CEO David Miller said in a press release.
SEFCU President and CEO Michael J. Castellana added in the release: “SEFCU is pleased to welcome HEFCU members and employees to the SEFCU family. Led by David Miller, HEFCU has met the needs of its members for four-plus decades. We truly appreciate Dave’s hard work through the years. We look forward to not only supporting our new members but all employees of the three hospitals and the entire medical community as a whole."
