WESTBROOK, Maine–Two credit unions more than 1,200 miles apart that announced in August they were planning to merge have now called off plans to do so.
The $754-million Vibrant Credit Union in Moline, Ill. and the $333-million Infinity Credit Union in Westbrook, Maine said the due-diligence process has uncovered additional issues that led to the change in plans.
"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,” Infinity FCU President/CEO Elizabeth Hayes said in a statement. "The 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."
As CUToday.info reported here, had the two institutions merged, the combined CU would have had 70,000 members, with Moline, Ill., serving as the headquarters. It would have had 17 branch locations in five states, including Illinois, Iowa, Indiana, and Maine with contact centers in Reno, Nevada and Westbrook, Maine.