Castellana will become CEO of the new credit union that will be created after the merger with CAP COM.
That will result in a rare breed of credit union that will have the size to compete with the largest banks in the Capital Region.
“This is likely about opening up new markets and gaining efficiencies of scale,” said Taylor Nelms, senior director of research at the Filene Research Institute.
CAP COM members have until June 22 to cast their vote online, although mail-in votes must be received by the end of the business day on June 21.
But the merged SEFCU-CAP COM credit union will have more members than Bethpage, which was originally created to serve Grumman Aircraft Engineering Corp.
So if SEFCU was ever looking for a partner that was truly equal to merge with, CAP COM fits the bill, and the credit union would likely have had other suitors looking to merge if SEFCU didn’t.
The merged SEFCU and CAP COM credit unions will also get a new name, although what that new name will be is a closely guarded secret.
Sunmark, which was originally started for General Electric Co.
“Sunmark continues to look for opportunities to grow and expand in the communities we serve,” said Sunmark CEO Frank DeGraw.