BILOXI, Miss.—The $4.1-billion Keesler Federal Credit Union here and $716-million Jefferson Financial FCU, based in Metairie, La., have agreed to merge, the credit unions reported.
Keesler FCU will be the continuing credit union, the CUs stated.
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.
“We are pleased to be joining forces with Jefferson Financial Federal Credit Union and bringing greater service and accessibility to our members,” said Andrew Swoger, president and CEO of Keesler FCU. “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 and Jefferson Financial Federal share a culture of service,” said Mark Rosa, Jefferson Financial Federal president and CEO. “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, which awaits customary regulatory approval, is expected to be completed in late 2025 or early 2026.
Keesler made $32.3 million in net income in 2023 and $31.7 million through September of this year. Net worth stands at 13.94%, according to Call Report data.
Jefferson Financial lost $549,362 in 2023 and $6.9 million through September of 2024. The CU’s net worth is 10.75%.
Analysis From CEO Advisory Group
"This is yet another example to two large credit unions joining forces to do what is in the best interest of the membership," said Glenn Christensen, president and CEO of CEO Advisory Group. "Increasingly, we are seeing medium and large credit union evaluating a range of strategic growth options and concluding that members, employees and the community would benefit from the economies of scale that can be achieved by joining forces. I consistently hear credit union leadership stating their mission is to improve the financial wellbeing of their members, in many cases, merger it the quickest route to this mission."