The largest federal credit union merger in Mississippi and Louisiana history has been announced.
Louisiana-based Jefferson Financial Federal Credit Union will be merged into Mississippi-based Keesler Federal Credit Union. The merger will result in the combined organization having assets of just under $5 billion, with 55 branch locations across Louisiana, Mississippi, Alabama, and the United Kingdom, and more than 900 employees.
The goal of the merger is to provide enhanced services for members of both credit unions and a more robust footprint stretching across the Gulf Coast.
“We are pleased to be joining forces with Jefferson Financial Federal Credit Union and bringing greater service and accessibility to our members,” Andrew Swoger, President & CEO of Keesler Federal Credit Union, said. “From a business perspective, it is a great fit that will strengthen both institutions and allow greater accessibility and services. It’s a win-win for our members.”
Keesler Federal has strategically moved into the greater New Orleans region with seven locations and high-profile sponsorships of the New Orleans Saints and New Orleans Pelicans professional sports franchises. Once the merger with Jefferson Financial Federal is complete, Keesler Federal will have 21 Louisiana locations stretching from New Orleans and the river parishes to Baton Rouge.
Jefferson Financial Federal Credit Union was chartered in 1966 and has assets of around $700 million and about 150 employees.
“Keesler Federal and Jefferson Financial Federal share a culture of service,” Mark Rosa, Jefferson Financial Federal President and CEO, said. “Our members will continue to enjoy the hands-on service they are accustomed to and will now have even more options available to them.”
The merger proposed by the two credit unions must be approved by the National Credit Union Administration (NCUA). Once NCUA approval is secured, ballots will be mailed out to Jefferson Financial Federal members for their consideration. Until then, both credit unions will remain in business as usual.
Once the merger is approved by Jefferson Financial Federal members, the merger process will begin in earnest. Full integration under the Keesler Federal Credit Union name is not expected to be completed until late 2025 or early 2026.
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