Maine-based Infinity Federal Credit Union, with a location in Arundel, has called off a proposed merger with Illinois-based Vibrant Credit Union. FILE PHOTO
YORK COUNTY — A proposed merger between Maine-based Infinity Federal Credit Union and the Illinois-based Vibrant Credit Union has been scrapped after months of negotiation.
In August, Westbrook-based Infinity Federal Credit Union announced plans to merge with Vibrant Credit Union of Moline, Illinois in an unusual transaction that would have combined two member-owned financial institutions in noncontiguous states.
“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. However, the merger process brought some important differences to light and it became evident that the integration was simply not a good fit.” said Elizabeth Hayes, Infinity FCU’s President/CEO.
Hayes said that the merger talks ended amicably, with both sides agreeing to work as collaborators rather than partners going forward.
“Infinity FCU continues to be a strong and financially sound organization and we are committed to achieving our vision for the future of doing what’s right for our members, our communities, and our employees,” Hayes said.
She said the decision to call off the merger comes weeks after Infinity FCU’s groundbreaking to celebrate the construction of a new Scarborough branch, located at 35 Plaza Drive, just off Route 1 and scheduled to open at the end of the year.
The proposed credit union merger would have represented about 70,000 members and more than $1 billion in assets. Under the plan, the merged organization would have been headquartered in Illinois and Maine serving as the combined credit union’s East Coast hub.
Infinity Federal Credit Union was founded in 1921 to serve area telephone workers as the Telephone Workers Credit Union of Maine, then as Telco of New England FCU and Vibrant was founded in 1935 to serve the workers of Deere & Co., maker of John Deere agricultural and construction machinery.
Hayes said that Infinity FCU is now community-based, available to anyone who lives, works, worships, or attends school in Cumberland and York counties and the city of Bangor. In York County, Infinity FCU has a location at 1298 Alfred Street in Arundel.
— Executive Editor Ed Pierce can be reached at 282-1535 or by email at editor@journaltribune.com
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