St. Lawrence FCU Has Agreed to Merge into SeaComm
St. Lawrence County-based St. Lawrence Federal Credit Union’s Board of Directors recently voted to move forward with a merger into SeaComm Federal Credit Union, Massena, NY.
St. Lawrence Federal Credit Union has $226 million in assets, 12,289 members, 52 employees and six retail branch locations throughout St. Lawrence County, including two most recently opened in Heuvelton and Hermon. SeaComm, with $770 million in assets, 52,977 members and nine retail branch locations, serves St. Lawrence, Franklin, Essex, Clinton, Jefferson and Lewis Counties, in NY and Grand Isle, Franklin and Chittenden Counties in Vermont.
“We are excited to partner and merge into a St. Lawrence County originated credit union with a reputation of strong member and employee commitment. SeaComm Federal Credit union has a CEO with 15 years of leadership experience and very strong financials. This merger will help ensure there will always be a locally originated credit union that can better compete with the challenges that will be faced in the future” states Douglas Loffler, Chairman, St. Lawrence Federal Credit Union Board of Directors.
“We are pleased to be able to be part of such a well-run Credit Union like St. Lawrence,” states Myron Burns, Chairman, SeaComm Board of Directors. “We will ensure as this merger moves forward that St. Lawrence’s members, who will become members of SeaComm, are taken care of in the same high-touch, personal, friendly and attentive manner they have always been accustomed to,” he adds.
“This merger will unite two like-minded, member-focused, similarly cultured, highly compatible North Country Credit Unions into one, making it even stronger.”
“This merger will unite two like-minded, member-focused, similarly cultured, highly compatible North Country Credit Unions into one, making it even stronger. Both Credit Unions know the value of being there for our members and our employees,” states Todd Mashaw, St. Lawrence President & Chief Executive Officer. “We both make lending decisions in our branches and work hard to make choices that will always have a positive impact on our members. Both do what is right for our members. That said, we are in a unique strategic position today to build upon two-long standing, well-run organizations that know our members and what the needs of our communities are all about,” he adds.
Through this merger, the members will have access to a larger branch network across the North Country from Watertown to Massena, Malone to Plattsburgh and South Burlington, and Essex, Vermont. In addition they will have access to increased service and product offerings, such as SeaComm’s personal financial advisor services, as well as their loyalty rewards to name just a few.
“This is a transformational partnership that will enhance what we are able to do for all our members, employees and communities in which we operate.”
“We are very excited to have St. Lawrence become a part of SeaComm. This is a transformational partnership that will enhance what we are able to do for all our members, employees and communities in which we operate. Both Credit Union’s mission and values are succinctly aligned and will only strengthen the Credit Union as we move forward together well into the future,” states Scott A. Wilson, SeaComm President & Chief Executive Officer. “A key to the success of this merger will be the staff who will remain in their branch / office locations to continue to take care of the members as they do so well," adds Wilson.
No St. Lawrence Credit Union branches will close, or will any staff lose their jobs due to the merger. Everyone will remain in place and will continue working with the members to ensure their financial needs continue to be met. Todd Mashaw will retire as CEO and will be retained as a consultant for one year post merger.
Under the terms of the agreement, which was approved by the boards of directors of both credit unions, one (1) St. Lawrence Board Director will join the SeaComm Board. There will also be an advisory committee formed from the current St. Lawrence Board providing advice and counsel on the overall effect of the merger. The combined organization will operate under the SeaComm brand.
SeaComm’s 30 Stearns Street location in Massena, NY, will be the overall headquarters with St. Lawrence’s, 800 Commerce Park Drive in Ogdensburg as a major operations center. SeaComm has an additional operations center located on Smithfield Blvd in Plattsburgh, NY, to support its eastern Vermont operations.
Both Credit Unions have completed a rigorous due diligence process. The merger will require regulatory approval and a member vote which is expected to take place this summer.
Letter to St. Lawrence FCU Members from CEO & President, Todd Mashaw
Dear Valued Member,
We are happy to announce that your Board of Directors has been in discussion with SeaComm Federal Credit Union for a number of months about a merger of our two Credit Unions. Both Credit Unions have completed a rigorous due diligence process. On February 21st, 2023, your Board voted to approve a merger agreement bringing both organizations together.
Why merge? Both St. Lawrence Federal Credit Union and SeaComm Federal Credit Union are doing well. Even with that said, credit unions continue to face challenges in an increasingly competitive environment. A couple of these challenges are from non-traditional banking options such as financial technology firms (fintechs) and Wal-Mart offering checking accounts, along with other financial institutions that have moved into our territory and those that will move into our territory. As we look back, 15 years ago there were 8,300 credit unions, and today only a decade and a half later there are 4,853 across the US. This merger will help solidify our ability to serve you will into the future.
This merger will take two like-minded, member-focused, similarly cultured, highly compatible North Country Credit Unions, and combine them into one even stronger. Both Credit Unions know the value of being there for our members and our employees. We both make lending decisions in our branches and work hard to make decisions that will always have a positive impact on our members. With that being said, we are in a unique strategic position today in that we can build upon two long-standing, well-run organizations that know our members and what the needs of our communities are all about.
Our missions of "People Helping People" and our guiding principles as member-focused Credit Unions are succintly aligned. We knew that from the very first meeting with their CEO, Scott Wilson, and members of their Board of Directors. We are truly honored to be a partner with SeaComm. We will place particular attention on ensuring that you continue to be taken care of in every interaction with the merged Credit Union and everyone will work very hard to continue to exceed your service expectations.
No branches will close, and no staff will lose their jobs due to the merger. Everyone will remain in place and will be working with you so that your financial needs continue to be met in the same friendly manner you have been accustomed to. You will see the same faces and work with the same employees you are used to. Everything will remain the same as you have come to know and expect from the Branch experience. Additionally, you will have access to a larger branch network and additional service and product offerings, such as SeaComm's personal financial advisor services and their loyalty rewards. Your time as a member will transfer giving you access to SeaComm's robust loyalty rewards program.
A seperate informational piece with detailed information about the merger and its process will be mailed directly to you in the near future. We will also have a seperate page on our website outlining all key details. This will require regulatory approval and a membership vote. We will be holding "Town Hall" style meetings in all of our branches sometime in late March, whereby you can speak with me and CEO Scott Wilson about this merger. Dates, times, and locations of those meetings will be forthcoming. In the meantime, if you have any specific questions about anything related to the merger or in particular about SeaComm, please do not hesitate to call me directly at 315-393-3530 ext. 1110, or email email@example.com. Of course, you can always stop by our Main Office at 800 Commerce Park Drive, Ogdensburg, NY to see me.
We are joining a 52,977 members strong Credit Union. In addition to our own six branches, you will have access to their nine branches and all their ATMs across the North Country from Watertown to Massena, Malone to Plattsburgh, South Burlington and Essex, Vermont.
I will retire as CEO. Although I am retiring, I will be available to the Credit Union as a consultant for one year following the merger. This merger is good for us as a Credit Union, and I look forward to talking with you as this process continues to move forward.
St. Lawrence FCU President & Chief Executive Officer
March 21, 2023
The Same Credit Union Values ...with added features!
Put simply, we will be stronger together than apart. Combining resources allows both highly compatible, similar-cultured, like-minded, St. Lawrence County based credit unions the opportunity to serve YOU better! The physical branch network and field of membership will reach from Watertown, New York to Burlington, Vermont with 15 branch locations in diversified geographical markets. This provides us with an opportunity to continue building on the key focus areas of both St. Lawrence and SeaComm; which is taking care of our members, employees and community.
Benefits of Additional Scale for Members
- From day one, every St. Lawrence member will be eligible for SeaComm loyalty rewards. This program grants up to a 1% APR* discount on your best loan rate option, or an increase of up to 1.95% APY** on IRA certificates and Certificate of Deposit rates.
- Your original membership date will not be restarted with the merger, meaning you have higher advantage in the loyalty rewards process.
- FREE access to our Personal Financial Advisor Services
- Experience the same lending philosophy you are accustomed to, whether in branch or online.
- Take advantage of our Loan Engine program, which provides the ultimate member borrowing experience…right from home! This is a loan pre-approval program that allows the ability to view and accept offers via email, NetTeller (online branch) or mobile app.
- We work for our members to ensure they don’t lose out due to fraud. During the last year our members experienced $179,234 in fraud on both debit and credit cards, however the loss to our members... $0.00.
- Access to our semi-annual news magazine – The Advisor.
- Access to programs like:
- Our recent $50,000 Fuel Grant Giveaway – To help local families in need, we pledged $50k to assist our members with home heating costs this winter. The program, open to our members only, benefited 100 families with grants worth $500 each.
- Summer Youth Grant Program – High school or college age members, planning on starting a small business venture can apply for one of five grants worth $500 each.
- Spin-The-Wave Program – Awards your child for their academic achievements. Each student that provides a report card with passing grades will receive spins on a prize wheel. Prizes include candy, gift cards valued up to $15 or deposits up to $10 in your child’s account. On average the program gives away more than $21,000 in cash and prizes to our youngest members.
- At SeaComm, we know life happens and are willing to help when needed. We gave more than $225,000 in fees back to our members in 2022.
Member Services We Share:
- Co-Op ATM Network
- Shared Branching
- Call Centers
- Instant Issue Debit & Credit Cards
- Similar Cultures & Hometown Loyalty
- College Scholarships
- FREE Online Bill Pay
- Online Branch Services... And MORE!
Each staff member makes St. Lawrence and SeaComm, who they are today and will play a vital role in its ongoing process.
- NO employee from either organization will lose their job. In fact, all St. Lawrence staff will retain their years of service and current rate of pay.
- NO branch will close.
- The potential merger process will create more career opportunities in the future.
- Review of current benefits and incentives to offer the best of both combined.
- Both credit unions received the distinguished titles of Best Companies to Work for in New York, as well as SeaComm being certified as a Great Place to Work™ since moving to Vermont.
Commitment to Our Communities
Our commitment to the communities that we serve will continue to be unwavering. We will demonstrate the same devotion to the credit union philosophy of “People Helping People”. We believe in supporting the places that we live. Giving back extends beyond our membership, to those that provide us service, help our children and care for us when needed. Our commitment is to community!
- SeaComm’s award winning Pay-It-Forward Program has been recognized throughout the credit union industry and state-wide, receiving (4) Marketing Association of Credit Unions (MAC) Awards for Community Engagement, (2) Diamond Awards through CUNA for Ongoing Events, (2) Dora Maxwell Awards and (1) honorable mention for Social Responsibility.
- Our social media presence serves as an avenue to stay up-to-date on all credit union happenings, with weekly, monthly and quarterly contests as well as giveaway opportunities.
- Our corporate pledges, sponsorships and donations will continue supporting:
- Local charities, such as Ogdensburg Boys and Girls Club
- Performing Arts
- Youth programs, development activities and sports teams
- Back-The-Pack programs in area schools
- Local food pantries
- Red Nose Day to support awareness to child poverty
- Christmas gift baskets for the needs ...and more!
*APR=Annual Percentage Rate / **APY=Annual Percentage Yield
March 14, 2023
Frequently Asked Questions
Questions about the merger:
No. The hours of operation will remain the same.
No. all branch locations will remain open.
All staff will be retained, with no layoffs as a result of the merger. All staff will retain their years of service and rate of pay.
This will not be immediate. You will be able to do all of the same transactions you have come to know for a while. This conversion would take 6-9 months. You will be kept updated as it would progress.
Your accounts will continue to be federally insured just as they are today through the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the U.S. Government and managed by the National Credit Union Administration (NCUA).
Federal share insurance coverage can extend beyond the standard $250,000 if your accounts are set up properly. Our team can review your options and help you get ample coverage for your accounts.
No. As long as your account is in good standing, you will continue to enjoy all of the benefits your credit union account provides you with today.
Questions if the merger passes:
All SeaComm ATM’s are surcharge free to its members. As an additional service, we are also part of the CO-OP ATMS & Shared Branching network, which allows you access to nearly 30,000 surcharge free ATM’s.
- Online access through NetTeller™. A current email address will be required.
- SeaComm Mobile App (Includes Mobile Deposit or Remote Deposit Capture)
- Enhanced SmartLine – Automated phone service (315) 764-0566 or (800) 764-0566.
Please continue to check back to this website for a complete list of updated merger news, products, services, interest rates, along with any other resources available to you as a valued member of SeaComm.
Follow us on social media and sign up for text messaging to stay up-to-date on all SeaComm activities, news and pertinent information.
Your current loans will not change as far as rate, term and payment.
No we will be able to provide a lien release without any changes to the original title.
You can make a check payment by mail or in person at any branch location, provide cash payment, set up automatic transfer from your account to your loan, as well as enroll in online banking and make your payment via NetTeller™ or Mobile Branch.
No. Your current rate and term will remain the same.
Yes. Your account number will change with the conversion to SeaComm’s platform. This information will be provided to you prior to the final conversion date.
Yes. A new debit card will be created for you (if applicable). You will receive your new card in the mail prior to the final conversion.
Yes. You will need to update your account information (routing and account number) with your employer or any other entity making a direct deposit into your account. Our branch staff will be able to assist you in getting your changes completed.
All new check reorders will reflect updated account and routing number information. If you have a supply of unused checks, SeaComm will provide you with one (1) complimentary box for your new account. Contact your local branch for details.
You will need to update that information with the merchant, as your existing card will be deactivated once the final conversion is completed.
Yes. Once the final conversion has taken place, you will need to enroll. Please stop in or contact your local branch to complete the NetTeller™ enrollment process.
Once you have completed your enrollment in NetTeller™, you can download the SeaComm mobile app from Google Play or the Apple App Store.
Your new account information will be provided to you prior to the final conversion.
St. Lawrence Federal Credit Union:
SeaComm Federal Credit Union:
President & CEO Branch Visits
Join St. Lawrence FCU President & CEO, Todd Mashaw and SeaComm President & CEO, Scott A. Wilson, as they visit St. Lawrence FCU branches to discuss the merger with members.
Branch visits will be at the following dates, times, and locations:
- Thursday, March 16
- 10am - 12pm: St. Lawrence FCU State Street Branch, Ogdensburg
- 1pm - 3pm: St. Lawrence FCU Commerce Park Branch, Ogdensburg
- Tuesday, March 21
- 10am - 12pm: St. Lawrence FCU Canton Branch
- 1pm - 3pm: St. Lawrence FCU Potsdam Branch
- Thursday, March 23
- 9am - 10am: St. Lawrence FCU Hermon Branch
- 11am - 12pm: St. Lawrence FCU Heuvelton Branch
- Monday, March 27
- 6pm - 8pm: St. Lawrence FCU Commerce Park Branch, Ogdensburg
- Tuesday, March 28
- 6pm - 8pm: St. Lawrence FCU Canton Branch