Exciting News for Keesler Federal Members! We Are Growing!
Keesler Federal Credit Union is proud to announce that we have signed an agreement to merge with Jefferson Financial Federal Credit Union of Metairie, Louisiana.
Once completed, the merger will add 14 new branch locations stretching from New Orleans to Baton Rouge, bringing our total to 55 branch locations to serve our members across Louisiana, Mississippi, and Alabama.
The merger will take about a year to complete. It will make Keesler Federal even stronger and allow us to provide our members with even products and services. See below for more information.
This is a great day for Keesler Federal and for the members it is our privilege to serve each and every day!
What to Know About the Merger
What does this merger announcement mean?
This exciting announcement means that Keesler Federal Credit Union intends to merge with Jefferson Financial Federal Credit Union, pending regulatory and JFFCU membership approval. This strategic merger represents a partnership between two credit unions with rich histories and deep roots to their communities for the benefit of their members, employees, and communities.
Who is Jefferson Financial Federal Credit Union?
Jefferson Financial Federal is a member-owned, not-for-profit financial institution based in Metairie, Louisiana serving more than 45,000 members with fourteen locations across south Louisiana. It currently has assets of about $700 million.
Originally chartered in 1966, the first JFFCU branch was located on the second floor of a floral shop and existed primarily to serve employees of the Jefferson Parish Public School System. More than fifty years later, JFFCU is proud to continue its service to the school system, and dozens of business and community partners throughout their service region which stretches from greater New Orleans to Baton Rouge, Louisiana.
Why are we merging?
This merger will allow our two organizations the opportunity to create synergies, unlock value, and achieve shared goals to increase member, employee, and community impact. For Keesler Federal, the merger will provide our members with a larger service area and give us a stronger foothold in the greater New Orleans region at a time when sponsorship of the Saints and Pelicans is raising our profile.
The same holds true for Jefferson Financial Federal. Its members will see a regional footprint quintuple in size and expand across three states.
In short, this partnership will further strengthen our financial position and allow us to be even more responsive to members’ needs. The combined organization will allow us to build stronger communities across the Gulf South by expanding access to our quality financial products and services, providing more financial wellness initiatives, and growing our community outreach.
Do both credit unions support this partnership?
Absolutely. The Boards of both credit unions voted to support this merger and are excited about the growth and benefits it will bring to our members, employees, and the communities we serve. Both organizations share a strong commitment to member service and share a similar corporate culture.
How large will we be after this merger?
Overall, our combined assets will stand at almost $5 billion at the completion of the merger with 370,000+ members and 55 branches throughout Louisiana, Mississippi, and Alabama. The larger physical presence and added strengths in products, services, personnel, and technology will better serve our members and our communities. It’s important to note that while we are growing in asset size, our joint commitment remains focused on providing the best value to our members, employees, and the communities we serve.
Will any employees lose their jobs as a result of this merger?
No. Our team members are integral to our success and both organizations recognize the importance of each of our talented and dedicated team members. We know the merger depends on retaining talent and leadership and will support you throughout the process.
How will this merger benefit our members?
Increased Member Access: A larger branch footprint would allow us to have more impact on existing members. Together we will have 55 branch locations to serve members and communities throughout Louisiana, Mississippi, and Alabama.
Expanded Products/Services: Through greater economies of scale, we will be able to offer even more robust products and services, reduce costs, and return more value to members.
Build Stronger Communities: Together the new, combined credit union will build stronger communities. Through combined resources and expanded outreach programs, we will strengthen our ability to support local initiatives, promote financial literacy, and foster economic growth throughout Louisiana, Mississippi, and Alabama.
Stability and Security: Combining our organizations positions us with greater financial strength and stability. By joining forces with Jefferson Financial Federal, we hope to create a stronger institution that would provide greater peace of mind and security for our members and their deposits.
More responsive to evolving financial needs: This partnership is a strategic decision aimed at ensuring the long-term sustainability and prosperity for both organizations and will allow the combined credit union to better anticipate and meet the financial needs of members in a competitive financial services industry.
Same knowledgeable, friendly employees: The same friendly staff at our branches will continue to serve members.
By merging we will have the opportunity to achieve more positive member impact and increased value for our members.
How soon will this happen?
The board of directors and CEOs of both credit unions officially signed a merger agreement last week. The next step is for us to submit an application to our regulator, the National Credit Union Administration (NCUA) to seek approval. Upon receipt of regulatory approval, the members of Jefferson Financial Federal will have the opportunity to vote on the merger. Because Keesler’s Federal charter would be the surviving charter, Keesler members will not be required to vote. The timeline for this vote to take place will take place the spring of 2025. After securing all necessary approvals, we anticipate the merger’s legal effective date will be around July 1, 2025. After legal day one, operational integration will begin between Keesler Federal and JFFCU and could take anywhere from 12-36 months. As the merger process continues, we will keep employees and members informed of progress, including sharing important notices, dates, and events.
Will we keep the Keesler Federal name?
Yes. Immediately following a successful merger process, the combined credit union’s name will be Keesler Federal Credit Union.
Who will lead the organizaion?
Andrew Swoger, Keesler Federal’s President/CEO will continue to be the President/CEO of the combined organization.