METARIE, La.—Although a number of members publicly raised objections to the proposal, members of Jefferson Financial FCU have voted in favor of merging into Biloxi, Miss.-based Keesler FCU.

As the CU Daily exclusively reported here as part of its industry-leading coverage of CU mergers, some members of JFFCU were critical of the merger plan, arguing the management team was giving itself a “golden parachute” from the members’ equity even though they “drove the ship onto the rocks.”

The $684.6-million Jefferson Financial, which has used the tagline “Be Proud. Bank Local,” posted a loss of $1.19 million as of March 31, and reported a $10.1 million loss at year-end 2024. As of March 31 it had a 10.13% net worth ratio. The $4.3-billion Keesler FCU had net income of $15.4 million as of Q1, with net worth of 13.48% 

The combined CU will have more than 375,000 members. 

‘Synergies’ Cited

“Members at Keesler Federal and Jefferson Financial will benefit greatly from the synergies of this merger,” Andy Swoger, president and CEO of Keesler Federal said in a statement.  “They will enjoy the personal service they expect, with greater access across the Gulf South.”

Effective July 1, Jefferson Financial will conduct business as “Jefferson Financial Federal Credit Union – a division of Keesler Federal.”

The credit unions said no employees will lose their jobs because of the merger.