October 9, 2020
The local competitive landscape for banks and credit unions has changed in recent years and accelerated in 2020 with an increased emphasis on going beyond traditional service channels. This year especially has revealed the need for increased access, technology, and new, innovative ways for members to access their money, information, and banking products. As you know, Infinity FCU has considered a credit union partnership as an alternative growth strategy that combines resources for mutual benefits. After exploring several merger options, we are excited to share that Infinity FCU has entered into an agreement to merge with Deere Employees Credit Union (DECU) from Moline, Illinois, subject to regulatory and member approval. DECU was founded in 1935 to serve the employees of John Deere, and currently serves 41,000 members globally, with $1.2B in Assets.
Frequently Asked Questions
Why are we merging?
The local competitive landscape for banks and credit unions has changed significantly in recent years. The shift prompted Infinity FCU Board and management to consider the best way to keep our members a step ahead well into the future.
Most recently, Infinity FCU walked away from the proposed merger with Vibrant Credit Union in 2019 because it would not have allowed us to maintain local control. While combining resources with another credit union is an excellent strategy, Infinity FCU is in the fortunate position of being independently strong and able to be selective in choosing a merger partner. After months of due diligence, Infinity FCU is excited to share that it has selected a good partner in Deere Employees Credit Union (DECU).
Who is Deere Employees Credit Union (DECU)?
Deere Employees Credit Union serves John Deere's 60,000 world-wide employees. Membership is an exclusive benefit for current and retired Deere employees, John Deere Dealers, contractors, employees of wholly owned subsidiaries or joint ventures of John Deere, and their immediate family members.
DECU was founded in 1935, currently serving 41,000 members globally, with $1.2B in Assets. In 2019, they were recognized as the #1 Credit Union in the country in “Return of Member” per Callahan & Associates and 8 out of 10 members surveyed “Would Recommend DECU to a friend or family member”.
Why Deere Employees Credit Union (DECU)?
After exploring local merger options and walking away from the Vibrant merger last fall because it was not a good fit, Infinity FCU was very careful in selecting the right merger partner. DECU supports Infinity FCU’s culture, has a shared philosophy of making a difference in the lives of our members, and is driven to grow by building relationships founded on trust.
Upon merger approval, the combined credit union will be headquartered in Moline and led by DECU President/CEO Kurt Lewin. Elizabeth Hayes, Infinity FCU’s President and CEO, will assume the role of Maine Market President. Integrating Infinity FCU with DECU will allow us to invest in additional products and services and in our community with continued growth and expansion.
What happens to Infinity FCU Employees?
There will be no reduction in the number of employees in Maine, rather, the combined credit union will provide more opportunities for employee growth and professional development. In addition, we recognize the importance of local control and maintaining Maine’s distinct market character and flavor. Maine’s interests will continue to be represented by senior leadership and Board members living in Maine.
How does a merger impact Infinity FCU branches?
All five Infinity FCU branches will remain open. In addition, members will have access to a larger portfolio of products, including wealth management services.
How will Maine’s interest be represented?
Infinity FCU will have two Board seats 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 Maine Market President and will remain in Maine.
Merging with DECU is good for Infinity FCU members, employees, and our communities in Maine because it:
- Provides the increased ability to grow and expand in Maine
- Allows us to better compete in an increasingly competitive environment
- Diversifies economies and provides 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:
- Investment, Retirement, Financial Planning, and Wealth Management Services
- Convenience Services
The products and services you use today will remain unchanged. You will have access to the same online banking, routing number, etc. This merger will allow Infinity FCU additional resources to grow and expand in Maine.
What stays the same?
- Local control
- The Infinity name and identity
- Five local branches in Maine
- Same employees you’ve come to know and trust
- Systems and services (i.e. online banking, routing number, etc.)
- 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, informing the members, and regulatory submission are the first steps. Members will have a chance to vote on the merger after we receive regulatory approval.
What do I need to do?
You do not need to do anything right now. You will receive a ballot in the coming months to vote on the merger after we receive regulatory approval.
Where do I go with questions?
If you have additional questions, please call us at 207-854-6000 or email at [email protected]
. We will update these FAQs as more information becomes available.