Maine Credit Union Seeks Merger With an Illinois-based CU, Again
After canceling a proposed consolidation with Vibrant CU in Moline, Ill., Infinity FCU wants to merge with Deere Employees CU, also in Moline.
It’s been a year since the $348 million Infinity Federal Credit Union in Westbrook, Maine cancelled its proposed merger with the $753 million Vibrant Credit Union in Moline, Ill.
On Thursday, Infinity officially announced another proposed consolidation with the $1.2 billion Deere Employees Credit Union, also based in Moline, Ill.
“The goal is to combine resources for mutual benefits driving further growth and expansion in our communities and offering more benefits to our members,” Infinity President/CEO Elizabeth Hayes and DECU President/CEO Kurt Lewin said in a joint statement.
On its website, Infinity said it walked away from the proposed merger with Vibrant last year because it would not have allowed Infinity to maintain local control.
The proposed consolidation deal between Infinity and DECU means that each credit union will retain local control, including allowing their respective names, identities and branches to continue serving local communities. Systems and services (i.e. online banking, routing numbers, etc.) will remain unchanged, reducing the impact of the change on members who will continue to bank as they are today, according to the joint statement.
If the merger is approved by Infinity members, state and federal regulators, the credit union will be headquartered in Moline and led by Lewin. Hayes will assume the role of Maine market president and will lead the employees, operations and community partnerships in the state.
Infinity’s 80 full-time employees operate five branches and serve nearly 19,000 members. DECU’s 136 full-time employees operate 20 branches and serve more than 40,000 members.
According to Infinity, there will be no staff reductions and the branches will remain open while also offering an expanded portfolio of services such as wealth management, investments, retirement and financial planning.
If the merger is approved, Infinity will have two board seats on the combined credit union board.
Infinity said the proposed merger deal will enable the credit union to expand in Maine and improve its competitive position. The merger is also expected to enhance employee retention by expanding its employee development program and opportunities for career growth.
The credit unions said the due diligence process is under way and expected to take several months to complete.