Infinity FCU Members Approve Merger With Deere Employees CU
The deal leads Infinity to transition to a state charter and drop the word “Federal” from its name.
Members of the Westbrook, Maine-based Infinity Federal Credit Union voted to approve the institution’s merger with Deere Employees Credit Union of Moline, Ill., Infinity announced late last week.
The deal resulted in a slight name change for Infinity – to accommodate the interstate merger, it transitioned to a state charter and dropped the word “Federal” from its name, the credit union said.
According to the announcement, the merger “provides a mutually beneficial pool of resources to enhance member experience and explore opportunities in technology and innovation.”
“The goal of the merger is to combine resources in order to offer more benefits to our members and to drive further growth and expansion in our respective communities,” Infinity President/CEO Elizabeth Hayes said in a prepared statement.
The merger, first announced by Infinity in October 2020, followed its cancellation of a proposed consolidation with the $1 billion Vibrant Credit Union of Moline. According to a statement on its website, Infinity walked away from the Vibrant merger because it would not have allowed Infinity to maintain local control.
Infinity’s merger with DECU will allow both institutions to maintain local control in their respective regions, meaning they will get to keep their current brand identities and branches to serve their local communities.
The merged credit union, which now serves 60,000 members and holds $1.5 billion in assets, will be headquartered in Moline and led by DECU President/CEO Kurt Lewin. Infinity’s Hayes will assume the role of Maine market president and will lead employees, operations and community partnerships in Maine.
Infinity said as a result of the merger, no staff reductions will be made, and that it plans to add wealth management services and other opportunities to its suite of products, as well as provide more opportunities for employee growth, training and professional development.
DECU, which operates 25 branches inside John Deere facilities across the country, serves Deere & Company’s 60,000 worldwide employees and retirees and their families; contract employees for John Deere and employees of wholly-owned subsidiaries or joint ventures of John Deere; and employees of John Deere Dealers and their families. Infinity has been serving members in Maine’s Cumberland and York counties, and the city of Bangor, since 1921.