Westbrook-based Infinity Federal Credit Union plans to merge with an Illinois-based credit union in an unusual transaction that would combine two member-owned financial institutions in noncontiguous states.

The planned merger with Vibrant Credit Union of Moline, Illinois, is still subject to regulatory approval. Executives of the two financial institutions said their goal is to build an innovative organization that better serves the needs of its diverse membership.

“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 Infinity President and CEO Elizabeth Hayes and Vibrant President and CEO Matt McCombs in a joint statement.

The combined credit union would represent nearly 70,000 members with over $1 billion in assets, led by McCombs as president and CEO, and Hayes as executive vice president, according to the release.

It would be headquartered in Illinois with 17 branch locations in five states – Illinois, Iowa, Indiana, Nevada and Maine – with contact centers in Reno, Nevada, and Westbrook. Maine would serve as the organization’s East Coast hub, the release said.

Infinity was founded in 1921 to serve area telephone workers, and Vibrant was founded in 1935 to serve the workers of Deere & Co., maker of John Deere agricultural and construction machinery.

Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.

filed under: