Mainebiz

V O L . X X V N O. X V I I I A U G U S T 1 9 , 2 0 1 9 10 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E Land-based salmon farm moves forward Whole Oceans, the developer of a planned recirculating aquaculture system in Bucksport, said the com- pany has nearly completed the permit process needed for construction. Jacob Bartlett, CEO of Emergent Holdings, the owner of Whole Oceans, will assume a key leadership role as the company moves into the next phase of the project. Jason Mitchell, who has led the project through several pre-construction milestones over the last year, is stepping back from a leadership role. Whole Oceans antici- pates breaking ground on its facility later this year. Whole Oceans plans to initially produce 5,000 metric tons of Atlantic salmon annually and to quickly grow to 10,000 metric tons. Over time, it plans to increase capac- ity to 20,000 metric tons per year on the Bucksport site and up to 50,000 metric tons at sites in the region. N O T E W O R T H Y M I D C O A S T & D O W N E A S T Camden National Corp. reported net income for the second quarter of 2019 of $13.2 million, an increase of 8% over the second quarter of 2018, and diluted earnings per share of 85 cents a share, an increase of 9% over the same period. For the second quarter of 2019, the company's return on average assets was 1.21% and return on aver- age equity was 11.63%. Additionally, the bank declared a 30 cent dividend per share in the second quarter of 2019, representing an annualized dividend yield of 2.62% as of June 28, and during the first half of 2019, the company repurchased 166,778 shares of its common stock at a weighted-aver- age price per share of $42.62. Maine Community Foundation in Ellsworth said four of its scholar- ship funds awarded $195,246 to 29 students from Washington County to support their pursuit of a post- secondary education; the Ira M. Cobe Scholarship Fund program for col- lege students, which supports Waldo County students, under the age of 23, who are pursuing post-secondary education awarded $60,000 to 24 students; the Annette M. Brown schol- arship awarded a total of $19,850 to 11 students from Androscoggin County; and grants totaling more than $$134,259 were awarded through the Belvedere Traditional Handcrafts Fund of the Maine Community Foundation, which supports projects and organiza- tions that promote traditional hand- crafts throughout the state. '100 year' girder produced for bridge AIT Bridges, based in Brewer, unveiled a new bridge girder made of composite materials and says the product is lighter and longer-lasting than traditional concrete and steel girders. e new component is called a tub girder, and is an extension of the composite bridge systems offered by AIT Bridges, a division of Advanced Infrastructure Technologies. e sys- tem, developed in cooperation with the University of Maine's Advanced Structures and Composites Center, was created to provide an affordable, long-term solution for traditional steel and concrete medium-span deck bridges. Ultimately, AIT hopes the products will replace concrete and steel girders in the marketplace. AIT is now manufacturing girders for its first such span, to be constructed in Hampden. N O T E W O R T H Y N O R T H E R N & E A S T E R N Eastern Maine Community College in Bangor will expand its associ- ate degree program in nursing to the Katahdin region. EMCC will offer coursework through the Katahdin Higher Education Center in East Millinocket, with clinical training at Millinocket Regional Hospital and other local health care sites. The num- ber of nursing vacancies is projected to grow to 3,200 by 2025 as the size of Maine's service-dependent, aging population grows by more than one- third in the next decade. Days after merger, Infinity FCU is expanding again B y m a i n e b i z s t a f f L ess than two weeks after announcing its merger with an Illinois credit union, Westbrook-based Infinity Federal Credit Union is adding a fifth branch, off U.S. Route 1 in Scarborough. Construction of the 3,000-square-foot building, at 35 Plaza Drive, is expected to cost $2.9 million. It's expected to open in early winter. News of the expansion came just 10 days after Infinity announced on Aug. 1 that it will merge with Vibrant Credit Union of Moline, Ill. The combined entity will represent nearly 70,000 mem- bers and more than $1 billion in assets, the credit unions said. It will have 17 branches in Illinois, Iowa, Indiana and Maine, with headquarters in Moline and contact centers in Reno, Nev., and Westbrook. In Maine, current offices are in Westbrook, Portland, Arundel and Bangor. The combined business will employ nearly 300, with about two-thirds coming from Vibrant. Matt McCombs, president and CEO of Vibrant, will serve in the same role following the merger. Infinity President and CEO Elizabeth Hayes will become executive vice president. "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," McCombs and Hayes said in a joint statement. The merged entity will be headquartered in Moline, a town of 44,000 about 165 miles west of Chicago. Westbrook- based Infinity Federal Credit Union will become the East Coast hub, the companies said. The merger is subject to customary approvals by members of both institutions and regulators. The credit unions hired West Monroe Partners to advise them on the merger and integration, and expect to receive regulatory approval by the end of this year with a member vote to follow. Both credit unions have roots serving workers. In the case of Infinity, the Telephone Workers Credit Union of Maine, and Vibrant was founded to serve the workers of John Deere & Co. Their evolution to a broader audience backs up one indus- try leader's sense of the changing market. Todd Mason, president and CEO of the Maine Credit Union League, told Mainebiz that "credit unions come in all shapes and sizes" and said the merger is an example of how credit unions are constantly evolving to meet the growing needs of their members and the communities they serve. "Even though Infinity Federal Credit Union's new head- quarters will be outside of Maine," he said, "their members can expect the same exceptional service." With $345 million in assets at the end of 2018 and 17,593 members, Infinity was ranked No. 5 by assets in a Mainebiz list published in April. B I Z M O N E Y M I D C O A S T & D O W N E A S T N O R T H E R N & E A S T E R N P H O T O S / C O U R T E S Y O F V I B R A N T A N D I N F I N I T Y C R E D I T U N I O N S Credit unions come in all shapes and sizes. — Todd Mason Maine Credit Union League In the planned merger between Infinity Federal Credit Union and Illinois-based Vibrant Credit Union, Matt McCombs will retain the title of president and CEO, while Infinity President and CEO Elizabeth Hayes will become executive vice president.

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