Infinity Federal Credit Union to merge with Illinois peer
Courtesy / Vibrant Credit Union and Photo / Tim Greenway
Matt McCombs, left, president and CEO of Vibrant Credit Union, will serve in that same role after it merges with Infinity Federal Credit Union, which is based in Westbrook. Elizabeth Hayes, Infinity FCU president and CEO, will serve as executive vice president of the new entity.
Westbrook-based Infinity Federal Credit Union will become the East Coast hub of a merged business it's forming with Vibrant Credit Union of Moline, Ill.
In a transaction announced Aug. 1, the companies said they aim to build on the strengths of each and that the combined entity will represent nearly 70,000 members and more than $1 billion in assets.
Matt McCombs, president and CEO of Vibrant, will serve in the same role following the merger. Infinity President and CEO Elizabeth Hayes, a Minnesota native honored as a Mainebiz Woman to Watch in 2017, will become executive vice president.
"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," McCombs and Hayes said in a joint statement.
The merged entity will be headquartered in Moline, a town of 44,000 about 165 miles west of Chicago.
Commenting on the merger to Mainebiz, Todd Mason, president and CEO of the Maine Credit Union League, noted that "credit unions come in all shapes and sizes" and said the merger is an example of how credit unions are constantly evolving to meet the growing needs of their members and the communities they serve.
"Even though Infinity Federal Credit Union's new headquarters will be outside of Maine," he said, "their members can expect the same exceptional service. And Maine will soon be welcoming a new credit union with the introduction of Maine Harvest, one of only two new credit unions in the country to be chartered this year."
With $345 million in assets at the end of 2018 and 17,593 members, Infinity was ranked No. 5 by assets in a Mainebiz list published in April.
The merged entity will have 17 branches in Illinois, Iowa, Indiana and Maine, with contact centers in Reno, Nev., and Westbrook. It will also bring under one umbrella Vibrant's 209 employees and Infinity FCU's 87.
Infinity has branches in Westbrook, Portland, Arundel and Bangor.
The credit unions said they have no plans to trim the number of employees, underscoring that the combined credit union "will provide more opportunities for employee growth and professional development."
The merger is subject to customary approvals by members of both institutions and regulators.
The credit unions have hired West Monroe Partners to advise on the merger and integration, and expect to receive regulatory approval by the end of this year with a member vote to follow.
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