MOLINE, Ill.–Two credit unions more than 1,200 miles apart have announced plans to merge and create a $1-billion-plus credit union.
The $754-million Vibrant Credit Union in Moline, Ill. and the $333-million Infinity Credit Union in Westbrook, Maine, said they plan to combine pending member and regulatory approval. In a statement the two CUs said the goal is to build an innovative organization guided by the vision of becoming the “world's most loved, most used and highest performing financial services organization grounded in the mission of doing banking differently to keep you a step ahead in life.”
“Together, we will prove the power of what’s possible when a credit union truly lives out the cooperative principles on which our industry was founded,” said Infinity FCU President/CEO Elizabeth Hayes and Vibrant President/CEO Matt McCombs in a joint statement.
McCombs will be CEO of the merged credit union, while Hayes will be executive vice president.
The combined credit union will have more than 70,000 members, with Moline, Ill., as the headquarters. It will have 17 branch locations in five states, including Illinois, Iowa, Indiana, and Maine with contact centers in Reno, Nevada and Westbrook, Maine. Maine will serve as the ;East Coast hub, the credit unions said.
Infinity FCU was founded in 1921 to serve Telephone Workers and Vibrant Credit Union was founded in 1935 to serve the workers of John Deere.
“Both Infinity FCU and Vibrant are steeped in history and have a shared commitment to improving the lives and wellbeing of their members,” the credit unions said in a statement. “The members, communities and employees of both credit unions will benefit from consolidating forces, driving further growth and expansion in the communities and more benefits to members. There will be no reduction in the number of employees, rather, the combined credit union will provide more opportunities for employee growth and professional development."