SeaComm, St. Lawrence credit unions announce merger
MASSENA, New York (WWNY) - Two St. Lawrence County-based credit unions are joining forces.
St. Lawrence Federal Credit Union has agreed to merge into SeaComm Federal Credit Union.
The joint company will do business under the SeaComm banner.
St. Lawrence, based in Ogdensburg, has $226 million in assets, 12,289 members, 52 employees, and six retail locations in St. Lawrence County, including two that recently opened in Heuvelton and Hermon. Those two locations were opened to fill gaps when Community Bank moved out.
The Massena-based SeaComm, with $770 million in assets, 52,977 members, and nine retail branches, serves St. Lawrence, Franklin, Essex, Clinton, Jefferson, and Lewis counties in New York and Grand Isle, Franklin, and Chittenden counties in Vermont.
Company officials say no St. Lawrence Credit Union branches will close and no staff will lose their jobs due to the merger.
SeaComm president and CEO Scott Wilson will lead the merged credit unions.
St. Lawrence president and CEO Todd Mashaw will retire as CEO and will be retained as a consultant for a year after the merger.
SeaComm’s 30 Stearns Street location in Massena will be the overall headquarters. St. Lawrence’s current headquarters at 800 Commerce Park Drive in Ogdensburg will become a major operations center. SeaComm has an operations center in Plattsburgh to support its Vermont operations.
The merger requires regulatory approval and a vote by members, which is expected to happen this summer.
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