Keesler Federal and Jefferson Financial Federal Credit Unions announce plans for a merger
Merger Called a “Win-Win” for Members
Keesler Federal Credit Union and Jefferson Financial Federal Credit Union Boards of Directors on Wednesday announced plans for the largest credit union merger in Louisiana and Mississippi history, resulting in enhanced services for members of both credit unions and a more robust footprint stretching across the Gulf Coast.
Jefferson Financial Federal will be merged into Keesler Federal Credit Union. The resulting organization will have combined assets of just under $5 billion, with 55 branch locations across Louisiana, Mississippi, Alabama, and the United Kingdom, and more than 900 employees.
The leaders of both cooperative organizations said the synergies of the merger make sense for their respective institutions. 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.
“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 & CEO of Keesler Federal Credit Union. “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.”
Jefferson Financial Federal Credit Union was chartered in 1966 and has assets of around $700 million and about 150 employees. Both credit unions bring strong records of service to members and the communities they serve, said Mark Rosa, Jefferson Financial Federal President and CEO.
“Keesler Federal and Jefferson Financial Federal share a culture of service,” Rosa 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, it will remain business as usual for both credit unions. 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.
“This opportunity would not have happened without the strong support of the Boards of Directors of both Keesler Federal Credit Union and Jefferson Financial Federal Credit Union, and the skillful facilitation of Olden Lane who guided us to the definitive agreement,” said James Hollingsworth, Chairman of the Board of Directors of Keesler Federal Credit Union.
