Infinity FAQ

                                                                                                                                                    

On August 1, 2019, Infinity Federal Credit Union (Westbrook, Maine) and Vibrant Credit Union (Moline, Illinois) announced their intent to merge, subject to member and regulatory approval. 

The goal of combining the two credit unions is to build an innovative organization guided by the vision of “becoming the world's most loved, most used and highest performing financial services organization” grounded in the mission of “doing banking differently to keep you a step ahead in life.” The combined credit union will build on the strengths of each institution. 

Infinity FCU was founded in 1921 to serve Telephone Workers and Vibrant Credit Union was founded in 1935 to serve the workers of John Deere. Both Infinity FCU and Vibrant are steeped in history and have a shared commitment to improve the lives and wellbeing of their members, employees, and communities. 

Upon merger approval, the combined credit union will be headquartered in Moline, Illinois with 17 branch locations in five states, including Illinois, Iowa, Indiana, and Maine with contact centers in Reno, Nevada and Westbrook, Maine. Maine will serve as the East Coast Hub for the combined organization. 

Why are we merging? 

The local competitive landscape for banks and credit unions has changed significantly in recent years. There have been over 1,000 credit union mergers since 2014, including 245 in the Northeast Region. The shift prompted Infinity FCU Board and management to consider the best response to advance and support our members’ interests today and into the future. 

Merging with Vibrant will allow us to expand services to our members through additional products and more competitive pricing. 

Who is Vibrant? 

Vibrant Credit Union was started in 1935 to serve the workers of John Deere and is headquartered in Moline, Illinois. Moline is located in the Quad Cities of Illinois and Iowa. With assets over $800 million, Vibrant has 200 employees,13 branches across Iowa, Illinois, Indiana, with a contact center in Reno, Nevada. Vibrant has been recognized as one of the top 5 Credit Unions to Work for in the United States and the top place for Young Professionals to work. Using a heavy relationship approach, Vibrant has been recognized as a true partner to its communities and membership in proving there is a better way to bank. For more information go to vibrantcreditunion.org. 

Why Vibrant? 

After exploring local merger options, Vibrant was carefully selected as a good merger partner because it supports Infinity FCU’s culture, has a shared philosophy of making a difference in the lives of our members, and is driven to grow organically by building relationships founded on trust. 

Our goal is to build a stronger organization that reflects the values of both credit unions and builds on the strengths of each to create greater synergy for both. Upon merger approval, the combined credit union will be headquartered in Moline, Illinois with branches across five states with contact centers in Reno, Nevada and Westbrook, Maine. Maine will serve as the East Coast Hub for the combined organization. 

How does a merger impact Infinity FCU employees? 

At Infinity FCU, we believe that employees are our most important asset in building relationships with members. There will be no reduction in the number of employees in Maine. Rather, we intend to add employees through growth and expansion, as opportunities are presented. Merging with Vibrant will also allow our employees more opportunities for growth and professional development. 
 

How does a merger impact Infinity FCU branches? 

All four Infinity FCU branches will remain open and members will have access to a larger portfolio of products, including full-service insurance, advising investment services, real estate title services, and more. 

How will Maine’s interests be represented? 

Infinity FCU will have two Board seats and one Associate Board member from Maine on the combined credit union board, ensuring that members in Maine continue to be represented, and proper resources are allocated to expand and grow in the Maine market. 

Senior management roles and responsibilities will have authority and influence to represent Maine and contribute to the overall performance of the combined credit union. Elizabeth Hayes, Infinity FCU’s President and CEO, will assume the role of Executive Vice President for the combined credit union. 

Further, the Maine market will continue to maintain its distinct market character and flavor in addition to local control in order to achieve performance and investment in the local community. 

Merging with Vibrant is good for Infinity FCU members, employees, and our communities in Maine because it: 

• Provides the increased ability to grow and expand into Maine 

• Allows us to better compete in an increasingly competitive environment 

• Diversified economies provide stability in regional economic cycles 

• Expands employee development and opportunity for career growth 

• Improves employee retention; i.e. little overlap between markets 

New products/services, including: 

• Insurance 

• Advising Investment Services 

• Real Estate Title Services 

• Convenience Services 

What changes? 

The Infinity FCU name will transition to Vibrant eventually when the time is right. Specific information about your accounts and products will be defined during the integration process. You will be notified well in advance of any changes. 

What stays the same? 

Your deposits will continue to be Federally Insured by the NCUA up to $250,000

 Four local branches in Maine 

• Same employees you’ve come to know and trust 

• Local control 

• Distinct market character and flavor 

• Commitment to building relationships founded on trust with every member every time 

• Continued investment of volunteer hours and charitable contributions in the communities we serve 

• Competitive products and services 

• Commitment to innovation 

What happens next? 

Due diligence of the proposed merger is a multi-step process that takes several months to complete. The endorsement from both Boards and informing the members and community is the first step, followed by obtaining regulatory approval and a vote from the membership. As always, we are interested in hearing from you. Members will have an opportunity to ask questions and participate in Town Hall meetings over the coming months. We will share more information as it becomes available during the integration process. 

What do I need to do? 

You don’t need to do anything right now. Specific information about your accounts and products will be defined during the integration process. You will be notified well in advance of any changes or options. 

Where do I go with questions? 

If you have additional questions, please call us at 207-854-6000 or feedback@infinityfcu.com

We will update these FAQs as more information becomes available.