Westbrook-based Infinity FCU inks merger with Illinois credit union
File Photo / Tim Greenway
Westbrook-based Infinity Federal Credit Union has merged with Deere Employees Credit Union, of Illinois. Infinity President/CEO Elizabeth Hayes is now the Maine market president of the combined entity.
Infinity Federal Credit Union, which last fall announced it would merge with Illinois-based Deere Employees Credit Union, has completed the deal.
No terms were disclosed. Members of both credit unions approved the merger, according to separate news releases this week.
There will be no staff reductions in staff as a result of the merger, the releases said, and both financial cooperatives will retain their existing brands.
To accommodate the merger, however, Infinity said it has transitioned to a state-chartered credit union and removed “Federal” from its name. Infinity President and CEO Elizabeth Hayes told Mainebiz Friday this was a technical change required under financial regulations because DECU is a state-chartered institution.
“There’s really no difference for members,” she said. Deposits will continue to be guaranteed up to $250,000 through the National Credit Union Administration.
The new organization will be headquartered in Moline and led by DECU President and CEO Kurt Lewin. Hayes will serve as Maine market president and continue to lead the employees, operations, and community partnerships in the state.
The merged credit union represents more than 60,000 members and holds $1.5 billion in assets.
As a result of the merger, Hayes said, Infinity plans to add wealth management services and other offerings to its suite of products.
“The goal of the merger is to combine resources in order to offer more benefits to our members and to drive further growth and expansion in our respective communities,” she said. Wealth management, she added, “is really something our members have been asking for.”
The extra technology resources DECU brings will also allow Infinity to streamline processes and make services more efficient for members, she said.
Deere is based in Moline, Ill., about 160 miles west of Chicago. At the time of the merger announcement in October 2020, the credit union had $1.2 billion in assets and 42,000 members. It was founded in 1935 to serve employees of Deere & Co. (NYSE: DE), a heavy equipment manufacturer better known by its founder’s name, John Deere.
Lewin said in a release, "Deere Employees Credit Union and Infinity share a philosophy and expectation of driving the most value for both our members and employees in our own respective markets. The opportunity to leverage our combined resources to deliver even more value through our partnership will help accelerate us forward.”
Infinity ranked as Maine’s eight-largest credit union last year, according to the Mainebiz Book of Lists, with assets of $338 million, 18,950 members and 78 employees. Infinity has five branches: at the Westbrook base, and in Arundel, Bangor, Portland and Scarborough.
In August 2019, Infinity announced plans to merge with another Moline-based financial cooperative, Vibrant Credit Union, but nixed the deal a month later.
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You threw me for a loop this morning when I received a Form 1099-I from Deere Employees CU, it took me a while to remember that Deere Empl CU and Infinity FCU had merged in 2021. In fact I voted for the merger but that fact had slipped my mind, problem solved.
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