Credit Union Merger Approved

ALBANY, NY (08/09/2007)(readMedia)-- Members of Excelsior Credit Union have overwhelmingly approved a merger with Capital Communications Federal Credit Union effective October 1, 2007.

“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 Federal Credit Union. “We look forward to working with the Excelsior staff members who share our commitment to providing unparalleled service.”

The merger received regulatory approval from the National Credit Union Administration in July, and was approved at a special meeting of the Excelsior Credit Union membership on August 8. Capital Communications 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. The combined Credit Union will be governed within the rules and regulations of the National Credit Union Administration and deposits will be insured by the National Credit Union Share Insurance Fund to the levels applicable by law.

“With this merger, Excelsior members will benefit from value-added services including an expanded branch network and a commitment to new technology and product development,” said Kenneth C. Herr, President/CEO of Excelsior Credit Union. “Our two credit unions share a philosophy of service that ensures the members’ needs are considered as our utmost priority. We look forward to partnering with a credit union that has such a strong commitment to its members and its community.”

Excelsior Credit Union, a state-chartered credit union with an open charter, was founded in 1915. The Credit Union has its headquarters in Colonie, as well as a branch in Clifton Park. Capital Communication, also with headquarters in Colonie, is the second largest credit union in the Capital Region and currently has six branch locations with plans to open two more by the end of 2007 in Cohoes and Glenmont. Upon completion of the merger with Excelsior, Capital Communications will have more than 65,000 members and more than $650 million in assets.

This will be the fourth merger for Capital Communications since 2004. The Credit Union has merged with Yankee Doodle Federal Credit Union, Silicone Employees Federal Credit Union and Hudmo Valley Federal Credit Union.

You can join Capital Communications if you live, work, worship or attend school in the Town of Green Island, or the cities of Albany, Troy, Cohoes, Mechanicville, Rensselaer, Schenectady or Watervliet. You can also join if you are an employee of one of more than 300 employers in the Capital Region who offer Capital Communications membership as a free employee benefit. Offices are located in Albany, Latham, Clifton Park, Niskayuna, North Greenbush and Waterford. For more information, visit capcomfcu.org or call (518) 458-2195. The Credit Union offers a complete line of financial products and was ranked first among credit unions nationwide for member service in a survey conducted by the Raddon Financial Group.

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