Infinity Federal Credit Union of Westbrook has canceled a previously announced merger with an Illinois credit union that would have combined two member-owned financial institutions in noncontiguous states.
The previously planned merger with Vibrant Credit Union of Moline, Illinois, announced in August, would have resulted in a multistate organization based in Illinois and headed by Vibrant President and CEO Matt McCombs, with Infinity President and CEO Elizabeth Hayes serving as executive vice president.
But on Monday, Infinity issued a news release saying the deal was off.
“When we started down this path, a partnership between Vibrant and Infinity FCU seemed like a natural fit of culture and systems for many reasons,” Hayes said in the release. “However, the merger process brought some important differences to light and it became evident that the integration was simply not a good fit.”
The announcement comes weeks after Infinity’s groundbreaking on a new branch location at 35 Plaza Drive, just off U.S. Route 1 in Scarborough, scheduled to open at the end of the year.
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