LINES
SPECIAL EDITION CREDIT UNION ALLIANCE Spring 2022
of Communication
Employee-volunteers, Rachel, Joshua, Rebecca, and Bill, pitch in for the CAP COM Cares Foundation: putting the finishing touches on a new playground at Northern Rivers Early Learning Center.
TOGETHER We can do more.
INSIDE How Uniting Creates Gains for Members Insights from CAP COM Professionals Answers to Questions You’re Asking
It is
Amazing how far we’ve traveled.
We’re excited to continue our journey with you. Since we began nearly 70 years ago, CAP COM has served generations of members in the Capital Region. Every member who joined us along the way helped us grow. You told us you wanted excellent financial solutions and even better service, so we made it our mission. As we seek to form a new credit union with SEFCU, our high standards lead the way. Taking care of you is what we do best!
When we come together for each other, it’s amazing what we can accomplish. Each time an employee helps you with a transaction, or guides you to financial success, or works behind the scenes to make banking easy – collaboration is the magic that makes it happen. If your ears are ringing, it’s because finding ways to benefit members is an ongoing conversation here. That’s especially true now, as we seek to form a new credit union with SEFCU to serve you. Joining forces, instead of competing, makes a whole lot of sense. The financial industry is changing rapidly, and we must evolve to maintain the high level of service you deserve. I understand why uniting the two credit unions might cause discomfort, especially when both are doing so well. That very strength, and the collaborative spirit of credit unions, make this partnership a tremendous opportunity. Teaming up, we can bring together the best financial solutions for you.
And we need to go deeper. That’s why we’re investing extra time and effort to ensure the values of the combined organization align. As a leader, I want to emphasize that great service, built on shared values, is a must for the unified credit union. As a member, they’re a must for me. The professionals who work here make us who we are, and they’re here to stay. We’re thrilled that employees just voted us a Top Workplace (Times Union) for the 11th straight year. We plan to remain the region’s employer of choice by supporting employees in their careers all the way through to retirement. Everything we do revolves around members, employees, and our community. Thank you for reading about why we’re pursuing an alliance with SEFCU, and we’ll continue reaching out. On behalf of all of us, it’s a privilege to serve you.
Christopher McKenna President/CEO 26-Year Member
Steps in the Process
Preliminary Discussions
Intent to Merge
Due Diligence
Regulatory Review
Member Vote
Your voice matters and each step brings us closer to the member vote. Only CAP COM members who vote will determine the outcome (by a simple majority). If you don’t cast a vote, it won’t count either way. Keep an eye on your email and mailbox for progress updates or visit: www.capcomfcu.org/together
“I love helping people pursue their dreams! Supporting your financial health and happiness is a focus of my career. Having the opportunity to provide life-enhancing services for more members fuels my passion to help others.” Valerie Garcia Branch Manager, Glenville 13-Year Member
Federally insured by NCUA
THANK YOU for your questions, concerns, and support as we seek to join up with SEFCU to form a new credit union. We hear you. Let’s begin with your #1 question.
WHY
Unite CAP COM & SEFCU?
Because together, we can do more. Together, we can make greater investments in services, staff, and our community. Together, we can strengthen our people-focused alternative to big banks, digital disruptors, and massive retailers entering financial services. Together with you, we can preserve the credit union difference for the future.
HOW? Teams from both credit unions would look at the array of financial solutions currently offered and choose the best to provide – meaning, the best for members. It’s that simple.
WHO? Your Leadership Team and Board of Director volunteers would continue in top roles in the new organization. Employees will be right here for you, as always. We remain 100% devoted to you!
WE’LL KEEP SAVING YOU MONEY • Low-Cost, Professional, Financial Services • Excellent Loan Rates and Products • Guidance to Plan and Prosper
MORE LOCATIONS • More Branches, Video Tellers • Call Center and Digital Banking • More ATMs Across the U.S.
VOTE When we proceed to the member vote, we’ll make it easy for you to return your ballot by mail or online with plenty of time to do it.
“The economics associated with this union create a fantastic opportunity to enhance benefits for members and our community. Combining the strengths of the area’s top credit unions is how we can ensure our services matter even more.” David Jurczynski EVP, Chief Financial Officer 21-Year Member
Federally insured by NCUA
Conversations You’ve asked a lot of really great questions, so we reached out to a few leaders for their answers. To see more and submit a question you don’t see addressed, visit www.capcomfcu.org/together and click FAQs. Who would lead the new organization? “In the unified credit union, top roles would go to CAP COM and SEFCU leaders. Christopher McKenna (CAP COM) would be President, and Michael Castellana (SEFCU) would be CEO. The Board of Directors would include members from both credit unions, and I would continue serving as Board Chair. This alliance is a thrilling step forward.” - Patrick J. Kelly | Chair, Board of Directors 50-Year Member
How does the vote work? “The member vote will be scheduled after regulatory approval. Once that happens, watch for a voting package at your mailing address. You’ll have at least 45 days to submit your ballot in the mail or online. And we’ll remind you by email, so you don’t miss it.” - Lauren Tatro | Vice President, Marketing 11-Year Member
I love my CAP COM branch and the staff. Will I still be able to go there? “We’ll be here for you at your favorite branch, just as we always have! We love seeing familiar faces and getting to know members, and that’s not changing one iota. You are why we’re here.” - Barbara Borter | Senior Branch Manager, North Greenbush 25-Year Member
Will employees lose their jobs? “Employees are the key to our success and there will be no merger-related layoffs. In fact, we anticipate lots of new opportunities for employees to grow in their careers in a combined organization!” - Theresa Trietiak | Vice President, Human Resources 22-Year Member
What’s going to change? Will I be able to access my accounts? “It will be business as usual on day one. You can use your debit and credit cards, checks, log in to digital banking, and so on. Any shifts would be gradual with lots of support from our teams. Our credit unions share some of the same systems, so that’s a big plus.” - Robert Roemer | Senior Vice President, Delivery Systems 25-Year Member
When I need something, CAP COM comes through. What now? “We love hearing that we’ve made a positive difference in your life! Our personal service is a real source of pride for us, and we look forward to expanding it across the entire organization.” - Carin Urban | Vice President, Member Services 2-Year Member
Together Banking becomes more convenient.
Full-Service Branches
61
WESTERN NY
48
4
4 On-Site ATMs
130
CAPITAL REGION
6-Year Member
SOUTHERN TIER
Access financial services wherever you happen to be. Bank with us near your neighborhood, close to your workplace, and in the places you like to vacation. Across the U.S., do your banking at
Susan Rosko Fogarty Chief Relationship Officer
CENTRAL NY
5
“We pride ourselves on going the extra mile for your satisfaction, delivering quality, professional, financial services with care. Continuing to lead our teams in the combined organization, my goal is to ensure the service you experience only gets better.”
5,600 shared branches.
And at 85,000 surcharge-free ATMs, get cash and perform
transactions. In New York, access 27 video tellers for personal
assistance. And you might even see one of the 2 mobile-branch
“If you own or run a business and have a financial or banking need, we’re the team for you. I provide personalized solutions, so you can focus on your business priorities. Let us smooth the way for you and your business to succeed!”
Dan Fruscio Business Banking Advocate 15-Year Member
vans delivering financial services to places it’s needed most.
We can become a greater force for good.
and giving back to make a difference In EVERY area we serve.
“Our mission is to help our members invest in themselves to achieve and maintain financial independence. It today’s ultra-competitive world, uniting gives us the best opportunity to help you be successful!
Our membership community would be among the largest in
John Shartrand
As one credit union, we can expand community efforts and strengthen the local economy by... Employing 1,400 professionals, serving 495,000 members,
New York and in the top 30 in the United States.
CIO, CAP COM Financial Services 27-Year Member