WESTBROOK, Maine–A year after a credit union in Maine called off plans to merge with a credit union 1,200 miles away in Moline, Ill., the same CU is back seeking to merge with a different credit union in the same Midwestern city.
The $348-million Infinity FCU said it has agreed to merge with the $1.2-billion Deere Employees Credit Union in Moline. The deal still requires regulatory and member approval, according to a press release first reported by MaineBiz.om.
Under the agreement, each credit union will retain local control, as well as its name and branches, the release said. Systems and services will remain unchanged, and no reductions in Infinity's 90-person staff are planned, according to the release.
Deere Employees CU has approximately 42,000 members and was founded in 1935. Infinity has approximately 18,200 members and was originally chartered in 1984.
As CUToday.info reported here, in 2019 Infinity had announced plans to merge with the then $754-million Vibrant Credit Union, but those talks fell apart and the deal was nixed.
In its new statement, Infinity President/CEO Elizabeth Hayes and DECU President/CEO Kurt Lewin said of the newly announced merger, "The goal is to combine resources for mutual benefits driving further growth and expansion in our communities and offering more benefits to our members.”
On its website, Infinity said, “After exploring local merger options and walking away from the Vibrant merger last fall because it was not a good fit, Infinity FCU was very careful in selecting the right merger partner. DECU supports Infinity FCU’s culture, has a shared philosophy of making a difference in the lives of our members, and is driven to grow by building relationships founded on trust.”
By coincidence, Vibrant Credit Union was also founded by eight John Deere employees as Deere Harvester Credit Union.
Ensuring Representation
Pending merger approval, the combined credit union would be headquartered in Moline and headed by Lewin. Hayes would serve as Maine market president, the credit union said.
Infinity would fill two seats on the combined credit union’s board, “ensuring that members in Maine continue to be represented,” the website post said.