The largest federal credit union merger in Mississippi and Louisiana history is on its way to being finalized.
In November 2024, Mississippi-based Keesler Federal Credit Union announced it would be absorbing Louisiana-based Jefferson Financial Federal Credit Union as it continues to build its regional presence. On Wednesday, Keesler Federal officials said the proposed merger was overwhelmingly approved by Jefferson Financial members.
“Members at Keesler Federal and Jefferson Financial will benefit greatly from the synergies of this merger,” Keesler Federal President and CEO Andy Swoger said. “They will enjoy the personal service they expect, with greater access across the Gulf South.”
As the surviving credit union, Keesler Federal will retain its name. On July 1, the two credit unions will become one legal entity, and Jefferson Financial will begin conducting business as “Jefferson Financial Federal Credit Union – a division of Keesler Federal” until operations are fully combined in Q1 2026. At that point, Jefferson Financial will fully transition to Keesler Federal.
Keesler Federal currently has over $4.2 billion in assets, 335,000 members, and 41 branch locations across Mississippi, Louisiana, and Alabama. With the merger, Keesler Federal will grow to $5 billion in assets with more than 380,000 members across 55 branch locations.
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The merger comes as Keesler Federal posted record financial results in 2024, including a net income of $41.2 million added to members’ equity representing a return on assets of 1%. The performance compares strongly to the national ROA average of .55% for credit unions of like size, according to the National Credit Union Administration.
“We are in a very strong financial position already,” Swoger continued. “With this merger, we will bring an even greater strength and stability for our members and the region.”
Jefferson Financial current has 145 employees, and according to Keesler Federal officials, none will lose their jobs. The added workforce will bring Keesler Federal’s employee count to 900 employees after the merger is fully complete.
