ALBANY, N.Y.–A merger announced here has taken with it one of the great unique names in credit unions. Albany City Lodge Knights of Pythias 540 Credit Union has merged into CAP COM Federal.
The 52-year-old Albany City Lodge had $1.4 million in assets and just over 200 members. Its one branch will close.
“The merger of the two credit unions was driven by a dynamic regulatory environment that creates significant pressures on small financial institutions like ACL,” said CAP COM FCU in a statement.
The $1.7-billion Capital Communications FCU has more than 147,000 members.
‘Positive and Memorable’
“It is our commitment to provide each member with a positive and memorable financial services experience,” noted David Jurczynski, CAP COM’s EVP/COO. “CAP COM is delighted to welcome members of Albany City Lodge to the CAP COM family of members, so they can experience firsthand the warm, exceptional service for which we are known.”
“In order to thrive in today’s competitive environment, many credit unions look at mergers as a viable strategy,” said Jayson Schner, Albany City Lodge K of P 540 Federal Credit Union’s chairman and president. “A merger can open opportunities to offer better products and services to credit union members through increased operating efficiencies. This merger represents a joining of two financial institutions to benefit both memberships.”