Mainebiz

V O L . X X V I I N O. X M AY 1 7 , 2 0 2 1 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 Kennebec Savings Bank was established in 1870 to help every member of our community save, thrive and grow. Serving the Maine banking community for over 150 years. Visit www.KennebecSavings.Bank to view a complete list of our residential and commercial products. Infinity FCU closes on merger deal announced last fall B y W i l l i a m H a l l W E S T B R O O K — 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. There will be no staff reductions in staff as a result of the merger 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 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 part- nerships 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 offer- ings 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 mem- bers. It was founded in 1935 to serve employees of Deere & Co. (NYSE: DE), a heavy equipment m a n u f a c t u r e r b e t t e r known by its founder's name, John Deere. Lewin said in a release, "Deere Employees Credit Union and Infinity share a philosophy and expec- tation of driving the most value for both our mem- bers and employees in our own respective markets. The opportunity to lever- age 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. F I L E / T I M G R E E N WAY [Wealth management] is something our members have been asking for. — Elizabeth Hayes Infinity FCU B I Z M O N E Y Elizabeth Hayes, CEO of Infinity Federal Credit Union

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