Keesler Federal and Jefferson Financial Merger: A New Era Begins
Keesler Federal Credit Union and Jefferson Financial Join Forces
Keesler Federal Credit Union is embarking on an exciting journey as it merges with Jefferson Financial Federal Credit Union. This partnership is set to enhance member services, expand its reach, and create a more robust financial institution that serves the Gulf South region effectively.
Merger Details and Benefits for Members
With this merger, Keesler Federal will add over $700 million in assets and welcome 45,000 new members. The union will see Keesler acquiring 14 new branches, allowing the credit union to provide improved services and greater convenience for its members.
This merger is not just a formal joining of two entities; it signifies a major milestone as it marks the largest credit union merger in the history of Louisiana and Mississippi. Members of Jefferson Financial overwhelmingly approved this union, paving the way for a seamless transition.
Growth and Expansion
Post-merger, Keesler Federal Credit Union will rise to about $5 billion in total assets. This expansion also increases its membership to more than 380,000 and expands the number of operating branch locations to 55. Such growth is crucial for building a robust community-focused organization equipped to handle the financial needs of its members.
Keesler Federal, now with assets surpassing $4.2 billion, boasts a dynamic membership base and an expansive footprint across Louisiana, Mississippi, and Alabama. With this merger, the credit union will firmly establish itself as a powerhouse in the region.
Leadership’s Vision for the Future
Andy Swoger, the President and CEO of Keesler Federal Credit Union, emphasizes the advantages of this merger for both organizations. He assures that members will maintain the personal service they value while enjoying improved access and resources across the Gulf South. This merger is strategically timed as Keesler has posted impressive financial results, including a net income of $41.2 million.
The existing employees from Jefferson Financial will transition to Keesler, with no job losses anticipated due to the merger. This commitment to job security speaks volumes about Keesler’s stance on maintaining a stable workforce while ensuring outstanding service delivery to its members.
Commitment to Community and Member Service
Keesler Federal has a rich history of serving diverse communities since its establishment in 1947, building relationships with its members through excellent service and a commitment to community betterment. Recognized as one of America's Best Regional Banks and Credit Unions by Newsweek in 2024, Keesler Federal continues to evolve and adapt to meet the financial needs of its members.
With branches not only in the Gulf region but also in the United Kingdom, Keesler Federal makes financial services widely available to individuals living, working, or studying within its service areas.
Frequently Asked Questions
What prompted the merger between Keesler Federal and Jefferson Financial?
The merger was initiated to enhance services and resources for members, focusing on creating a strong community-oriented institution.
What will happen to Jefferson Financial members after the merger?
Jefferson Financial members will transition to Keesler Federal, enjoying enhanced services and greater access to resources.
How many new branches will Keesler Federal gain from this merger?
Keesler Federal will gain 14 new branches through the merger with Jefferson Financial.
Will any employees lose their jobs due to the merger?
No employees will lose their jobs; all employees from Jefferson Financial will become part of Keesler Federal.
When is the official merger date?
The merger is set to officially take place on July 1, after which both entities will work towards a seamless integration.
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