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Members of Jefferson Financial Federal Credit Union have overwhelmingly approved a proposed merger with Keesler Federal Credit Union, paving the way for one of the largest credit union consolidations in Louisiana and Mississippi history. The merger will become official on July 1, 2025.
With the integration, Keesler Federal will add more than $700 million in assets, 14 branch locations in the Greater New Orleans area and 45,000 new members. The combined institution will grow to more than $5 billion in assets, serving over 380,000 members through 55 branch locations across Louisiana, Mississippi and Alabama.
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“This merger represents a powerful step forward for both institutions,” Andy Swoger, president/CEO of Keesler Federal, said. “Members at Keesler Federal and Jefferson Financial will benefit greatly from the synergies of this merger. They will enjoy the personal service they expect, with greater access across the Gulf South.”
Keesler Federal will remain the surviving entity, and Jefferson Financial will operate under the name “Jefferson Financial Federal Credit Union – a division of Keesler Federal” until the full operational integration is completed in early 2026.
The merger followed a record-setting financial year for Keesler Federal. In 2024, the credit union posted $41.2 million in net income and a Return on Assets (ROA) of 1.00%, significantly outperforming the national average ROA of 0.55% for credit unions of similar size, according to the NCUA.
“We are in a very strong financial position already,” Swoger said. “With this merger, we will bring even greater strength and stability for our members and the region.”
All 145 employees of Jefferson Financial will become Keesler Federal employees, increasing the total workforce to nearly 900. No job losses are anticipated as a result of the merger.
The move marked a significant moment of consolidation in the Gulf South’s credit union landscape and is expected to enhance service delivery and financial access across the region.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
