Keesler Federal Merger with Jefferson Financial Approved by Members

With the merger, Keesler Federal Credit Union will add more than $700M in assets, 14 branch locations in Greater New Orleans, and 45,000 new members

BILOXI, Miss., May 28, 2025 /PRNewswire/ -- Keesler Federal Credit Union announced today that its proposed merger with Jefferson Financial Federal Credit Union was overwhelmingly approved by Jefferson Financial members. The way is now clear for the two credit unions to become one legal entity on July 1, 2025.

The merger represents the largest credit union merger in Louisiana and Mississippi history.

As the surviving credit union, Keesler Federal Credit Union will retain its name. As of July 1, Jefferson Financial will conduct 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 more than $4.2 billion in assets, 335,000 members, and 41 branch locations across Louisiana, Mississippi, and Alabama. With the merger, Keesler Federal will grow to $5 billion in assets, with more than 380,000 members and 55 branch locations.

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

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 (ROA) of 1.00 percent. The performance compares strongly to the national average ROA of .55 percent for credit unions of like size, according to the National Credit Union Administration.

"We are in a very strong financial position already," Swoger said. "With this merger, we will bring even greater strength and stability for our members and the region."

Jefferson Financial Federal's more than 145 employees will become Keesler Federal employees on July 1, bringing its total to almost 900 employees. No employee will lose their job because of the merger.

About Keesler Federal
Established in 1947, Keesler Federal is a dynamic, stable, financially strong credit union dedicated to building a better community, one member, one relationship, one financial solution at a time. The not-for-profit financial cooperative, recently named as one of America's Best Regional Banks and Credit Unions 2024 by Newsweek, is owned by its more than 335,000 members worldwide and has 41 locations stretching from New Orleans across the Mississippi Gulf Coast to Mobile. It has branches in Jackson and Hattiesburg and has four locations in the United Kingdom. Keesler Federal proudly serves the financial needs of people from all walks of life, and membership is widely available to thousands who live, work, worship, or attend school in these areas.

SOURCE Keesler Federal Credit Union