ALBANY, N.Y. — Excelsior Credit Union and Capital Communications Federal Credit Union will merge on Oct. 1.
The $82 million Excelsior serves more than 11,600 members. This will be the fourth merger for $562 million Capital Communications since 2004, according to the credit union. Capital Communications said it will retain all current Excelsior members, employees and branch locations and the Capital Communications charter will be the surviving charter after the merger is complete.
"We are very excited to welcome the members of Excelsior Credit Union into our Credit Union family and we are confident they will enjoy and benefit from the many products and services we can offer them," said Paula Stopera, president/CEO of Capital Communications.
Kenneth Herr, president/CEO of Excelsior, said the merger will bring value-added services to members including an expanded branch network and a commitment to new technology and product development.
"Our two credit unions share a philosophy of service that ensures the members' needs are considered as our utmost priority," Herr said.
To reward Excelsior members for their past loyalty, the board of directors approved a bonus dividend and a refund to those who were members of the credit union before the merger with Capital Communications.
The dividend and refund, which amounts to $750,000, will be divided among Excelsior savers and borrowers based on loan interest paid and dividends received for the period Jan. 1 through Aug. 31. The payments are scheduled to post to members' accounts in mid-September.
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