MEMPHIS – One day after Sears Roebuck & Co and Kmart announced its $11 billion merger, it's business as usual for Sears Employees Federal Credit Union. On Nov. 16 one-time rivals Sears and Kmart said they would be joining forces to form the third largest retailer in the U.S. The $11 billion dollar deal will be known as the Sears Holdings Corp. The merger is expected to take place in March 2005 and could help the struggling companies bounce back from bankruptcy filings. Both stores will still operate under their brand names and could bring in an estimated $55 billion in annual sales. Meanwhile, the $28 million Sears Employees FCU (SEFCU) is taking a wait-and-see approach on how the merger may or may not impact operations, said Bruce Woods, president/CEO. The credit union serves more than 3,000 members in nine states. "It's possible there could be some changes but it's still too early to say right now," Woods said. "With any merger, economies of scale (may result) in store closures or openings." Woods said he would be interested to see how "two struggling companies can come together and leverage" their financial troubles. According to NCUA, there are at least three other credit unions that are affiliated with Sears. A handful of credit unions also count Sears and Kmart employees among their select employee groups.