News release
MASSENA, NY —  St. Lawrence County – based St. Lawrence County Credit Union’s Board of Directors recently voted to move forward with a merger into SeaComm Federal Credit Union, Massena, NY.
St. Lawrence Federal Credit Union has $226 million in assets, 12,289 members, 52 employees, and six retail branch locations throughout St. Lawrence County, including two most recently opened in Heuvelton and Hermon.
SeaComm, with $770 million in assets, 52,977 members and nine retail branch locations, serves St. Lawrence, Franklin, Essex, Clinton, Jefferson and Lewis counties, in NY and Grand Isle, Franklin and Chittenden counties in Vermont.
“We are excited to partner and merge into a St. Lawrence County originated credit union with a reputation of strong member and employee commitment. SeaComm Federal Credit Union has a CEO with 15 years of leadership experience and very strong financials. This merger will help ensure there will always be a locally originated credit union that can better compete with the challenges that will be faced in the future,” states Douglas Loffler, chairman, St. Lawrence Federal Credit Union Board of Directors.
“We are pleased to be able to be part of such a well-run credit union like St. Lawrence,” states Myron Burns, chairman, SeaComm Board of Directors. “We will ensure as this merger moves forward that St. Lawrence’s members, who will become members of SeaComm, are take care of in the same high-touch, persona, friendly and attentive manner they have always been accustomed to,” he adds.
“This merger will unite two like-minded, member-focused, similarly cultured, highly compatible north country credit unions into one, making it even stronger. Both credit unions know the value of being there for our members and our employees,” states Todd Mashaw, St. Lawrence president & chief executive officer. “We both make lending decisions in our branches and work hard to make choices that will always have a positive impact on our members. Both do what is right for our members. That said, we are in a unique strategic position today to build upon two- long standing, well-run organizations that know our members and what the needs of our communities are all about,” he adds.
Through this merger, the members will have access to a larger branch network across the north country from Watertown to Massena, Malone to Plattsburgh and South Burlington and Essex, Vermont. In addition, they will have access to increased service and product officers, such as SeaComm’s personal financial advisor services, as well as their loyalty rewards to name just a few.
“We are very excited to have St. Lawrence become a part of SeaComm. This is a transformational partnership that will enhance what we are able to do for all our members, employees and communities in which we operate. Both credit unions’ missions and values are succinctly aligned and will only strengthen the credit union as we move forward together well into the future,” states Scott A. Wilson, SeaComm president and chief executive officer. “A key to the success of this merger will be the staff who will remain in their branch / office locations to continue to take care of the members as they do so well,” adds Wilson.
No St. Lawrence Credit Union branches will close, or will any staff lose their jobs due to the merger. Everyone will remain in place and will continue working with the members to ensure their financial needs continue to be met. Todd Mashaw will retire as CEO and will be retained as a consultant for one year post merger.
Under the terms of the agreement, which was approved by the boards of directors of both credit unions, one (1) St. Lawrence Board Director will join the SeaComm Board. There will also be an advisory committee formed from the current St. Lawrence Board providing advice and counsel on the overall effect of the merger. The combined organization will operate under the SeaComm brand.
SeaComm’s 30 Stearns Street location in Massena, NY, will be the overall headquarters with St. Lawrence’s, 800 Commerce Park Drive in Ogdensburg as a major operations center. SeaComm has an additional operations center located on Smithfield Blvd in Plattsburgh, NY, to support its eastern Vermont operations.
Both Credit Unions have completed a rigorous due diligence process. The merger will require merger regulatory approval and a member vote which is expected to take place this summer.