In what is being called the largest credit union merger in Louisiana and Mississippi history, Keesler FCU and Jefferson Financial FCU announced plans to combine.

The resulting credit union will have $5 billion of assets, 372,000 members, 900 employees and  55 branches across Louisiana, Mississippi, Alabama and the United Kingdom.

The $4.1 billion-asset Keesler is the largest credit union headquartered in Mississippi.

Andrew Swoger, Biloxi-based Keesler’s president and CEO, would continue to lead the combined organization.

“From a business perspective, it is a great fit that will strengthen both institutions and allow greater accessibility and services,” Swoger said in a press release.

The companies said the partnership would give them the ability to be more responsive to members’ financial needs in a “highly competitive financial services sector that continues to evolve rapidly.”

Upon all approvals, it is anticipated the merger’s legal effective date would be April 1, 2025, with systems integration extending into 2025 and possibly 2026.

The $715 million-asset Jefferson Financial, which is based in Metairie, Louisiana, would be called “Jefferson Financial Federal Credit Union, a division of Keesler Federal Credit Union” or a similar designation after the closing, the companies said.

No branch closures or employee layoffs are planned.

“Keesler Federal and Jefferson Financial FCU share a culture of service. Our members will continue to enjoy the hands-on service they are accustomed to and will now have even more options available to them,” said Mark Rosa, Jefferson Financial’s president and CEO.

The press release did not say what – if any – Rosa’s role would be with the new company.

The deal is the latest in a string of transactions announced in 2024 involving two large credit unions.

Among the most notable was Member One Federal Credit Union’s merger with Virginia Federal Credit Union. The deal was announced in January and resulted in a Virginia-based institution with nearly $7 billion of assets and roughly 500,000 members.

The National Credit Union Administration approved 49 mergers in the third quarter, up from 46 consolidations in the second quarter and 26 mergers in Q1, according to the agency’s Merger Activity and Insurance Report that was released this week.

Keesler FCU earned roughly $31.8 million through the third quarter of 2024, a 32% increase from a year earlier, according to call report data from the NCUA.

Jefferson Financial lost nearly $7 million through the third quarter of 2024, after losing $549,000 in 2023.

““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.”

 – James Hollingsworth
Chairman
Keesler FCU