Members of SAIF Federal Credit Union approved a merger with La Capitol Federal Credit Union at a vote on June 24.
The merger will be legally effective June 30, subject to final regulatory approvals. Once official, La Capitol will service SAIF’s accounts and the financial institution’s approximately 1,500 members.
“We are very excited to welcome SAIF and its members to La Capitol,” said Michael Hooper, La Capitol President and CEO. “Our partnership is a natural one because we share a common community and we both share the same goal of providing our members with the help they need to realize their dreams.”
Started in 1950, SAIF has primarily served chemical and industrial employee groups. The addition of those groups will further diversify La Capitol’s field of membership and open new membership opportunities in the chemical and industrial sectors. SAIF has about $8.76 million in total assets and operates one branch on Celtic Drive in Baton Rouge.
The merger allows the list of products and services available to SAIF members to expand greatly. “This merger will create new opportunities for growth that will allow La Capitol to continue to offer the very best in financial services to all of its members,” Hooper said.