Proposed Merger Between Maine & Illinois Credit Unions Called Off
Infinity FCU says “important differences” with Vibrant CU surfaced during the due diligence process.
After months of due diligence, the proposed merger between the $333 million Infinity Federal Credit Union in Westbrook, Maine and the $753 million Vibrant Credit Union in Moline, Ill., has been called off.
“When we started down this path, a partnership between Vibrant and Infinity FCU seemed like a natural fit of culture and systems for many reasons,” Elizabeth Hayes, Infinity FCU’s president/CEO, said in a prepared statement Monday. “However, the merger process brought some important differences to light and it became evident that the integration was simply not a good fit.”
Hayes did not specify what those “important differences” were.
“The talks ended amicably with both sides agreeing to work as collaborators rather than partners going forward,” she said.
Vibrant President/CEO Matt McCombs agreed.
“While going through preliminary merger actions, it became evident to both credit unions that unfortunately it wasn’t a good fit between the two organizations,” he said. “We still have a great relationship with Infinity and plan to continue that relationship moving forward.”
The merger would have increased Vibrant’s assets under management to $1 billion.
When the merger was publicly announced, Infinity said it explored local merger options but determined Vibrant was a good merger fit because it supports Infinity’s culture. According to Infinity, consolidating with the Illinois cooperative would have been beneficial because it would have enabled Infinity to bring out-of-state resources to fuel expansion and growth in Maine.