The Boards of Directors of Albany City Lodge Knights of Pythias 540 (ACL) and CAP COM Federal Credit Union (CAP COM) have approved a resolution to merge the two credit unions, which became effective October 31, 2018.
ACL, the 52 year-old credit union located at 10 Russell Road in Albany, NY, has discontinued operations at that location. The credit union’s 200+ members will join CAP COM’s membership of 146,000.
The merger of the two credit unions was driven by a dynamic regulatory environment that creates significant pressures on small financial institutions like ACL. Previous members of ACL will now be able to take advantage of the full breadth of products and services CAP COM provides. In addition to its array of financial solutions, CAP COM offers multiple branches, a vast network of ATMs, educational resources, online and mobile technologies, and award-winning service tailored to members’ needs.
“It is our commitment to provide each member with a positive and memorable financial services experience,” noted David Jurczynski, CAP COM’s Executive Vice President and Chief Financial Officer. “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 Board Chair 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.”