Two major credit unions in the Capital Region will soon merge.

The boards of directors of CAP COM and SEFCU voted Wednesday to approve a merger of the businesses "that will become fully integrated next year," according to a joint press release.

Employees, per the release, were informed of the merger Thursday morning by the presidents and CEOs of their organizations.

The credit unions say no layoffs will happen due to the merger, which will create the region's biggest financial institution.

"[T]he creation of a brand new, $8 billion financial institution will provide the scale necessary to create greater opportunities for existing employees, the need for additional team members, and significant advancements in products, services, and support for members and community partners," the press release read.

The merger still needs state and National Credit Union administration approval, the credit unions say, as well as a membership vote.