Less than two weeks after announcing its merger with an Illinois credit union, Westbrook-based Infinity Federal Credit Union is adding a fifth branch, off U.S. Route 1 in Scarborough.
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Less than two weeks after announcing its merger with an Illinois credit union, Westbrook-based Infinity Federal Credit Union is adding a fifth branch, off U.S. Route 1 in Scarborough.
Construction of the 3,000-square-foot building, at 35 Plaza Drive, is expected to cost $2.9 million.
It’s expected to open in early winter.
News of the expansion came just 10 days after Infinity announced on Aug. 1 that it will merge with Vibrant Credit Union of Moline, Ill.
The combined entity will represent nearly 70,000 members and more than $1 billion in assets, the credit unions said. It will have 17 branches in Illinois, Iowa, Indiana and Maine, with headquarters in Moline and contact centers in Reno, Nev., and Westbrook. In Maine, current offices are in Westbrook, Portland, Arundel and Bangor.
The combined business will employ nearly 300, with about two-thirds coming from Vibrant.
Matt McCombs, president and CEO of Vibrant, will serve in the same role following the merger. Infinity President and CEO Elizabeth Hayes 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. Westbrook-based Infinity Federal Credit Union will become the East Coast hub, the companies said.
The merger is subject to customary approvals by members of both institutions and regulators. The credit unions hired West Monroe Partners to advise them on the merger and integration, and expect to receive regulatory approval by the end of this year with a member vote to follow.
Both credit unions have roots serving workers. In the case of Infinity, the Telephone Workers Credit Union of Maine, and Vibrant was founded to serve the workers of John Deere & Co.
Their evolution to a broader audience backs up one industry leader’s sense of the changing market.
Todd Mason, president and CEO of the Maine Credit Union League, told Mainebiz 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.”
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.