August 2, 2022

On August 1, 2022, State Employees Federal Credit Union (“SEFCU”), Albany, New York, successfully completed its merger of equals with Capital Communications Federal Credit Union (“CAP COM”), Albany, New York. SEFCU was the continuing credit union in the transaction but changed its name to “Broadview Federal Credit Union” upon the completion of the merger.

The merger of equals between SEFCU and CAP COM was the largest credit union merger completed in the U.S. based on the net worth of the merging credit union. The transaction required the approval or non-objection of the National Credit Union Administration, the U.S. Federal Trade Commission, the U.S. Department of Justice and the New York State Department of Financial Services.

The combined credit union has over $8.0 billion in assets and over 60 offices in the New York capital region.

Luse Gorman served as legal counsel to SEFCU in the transaction. The Luse Gorman team consisted of Jeffrey Cardone, Michael Brown, Agata Troy, Max Seltzer, and Zachary Davis.

Luse Gorman has acted as counsel on more than 100 bank and credit union M&A transactions during the past five years and more bank and credit union M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.