Illinois, Maine credit unions agree to merge
Infinity Federal Credit Union in Westbrook, Maine, and Vibrant Credit Union in Moline, Ill., have agreed to merge.
Combined the two credit unions will reach over 70,000 members and collectively hold $1 billion in assets, the institutions said on Thursday.
“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 Elizabeth Hayes, Infinity FCU’s president and CEO, and Matt McCombs, Vibrant’s president and CEO, in a joint statement.
McCombs will lead the merged organization as president and CEO while Hayes will transition to executive vice president.
After the merger is completed, the credit union, which will use the Vibrant name, will be headquartered in Moline, Ill., and serve five states with 17 branches. The institution’s Maine branches will serve as the East Coast hub.
The $754 million-asset Vibrant earned $3.4 million in net income while the $334 million-asset Infinity earned $126,000, according to their June call reports. Both institutions were considered well capitalized.
The merge is pending member and regulatory approval.