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Infinity Federal Credit Union Introduces Equity Crowdfunding Connecting Investors and Entrepreneurs

Infinity Federal Credit Union to Hold Free Seminar for Small Business Owners in the Community

Westbrook, ME – August 17, 2017 - Infinity Federal Credit Union (FCU), Maine’s first credit union, has introduced a new service, an equity crowdfunding platform powered by GrowthFountain. Local entrepreneurs can now raise capital from customers, community members and GrowthFountain’s expansive investor network. These customers, turned owners, become micro brand ambassadors, helping spread the word about your products and services.

Equity crowdfunding is the practice of funding a venture by raising small amounts of money from a large number of people, which can add up to meaningful sums in the aggregate. Companies are allowed to raise $1 million per year under this avenue.

Equity crowdfunding came about after the 2012 passing of the JumpStart Our Business Startups Act, or JOBS Act, which encourages small business funding in the United States by reducing many securities regulations. Under SEC new rules effective May 16, 2016, the public can help finance start-up or small companies.

“The JOBS Act was created to help create jobs by simplifying the capital raising process. We’re absolutely thrilled to partner with Infinity FCU to help Maine’s businesses raise the capital they need to grow.” GrowthFountain CEO Ken Staut said. “It’s a logical partnership as we’re both focused on community development and growth.”

“The entrepreneur spirit is strong in Maine.” Infinity FCU Senior Marketing Manager Kathy Akopov said. “Equity crowdfunding offers investors and entrepreneurs a unique way to connect, invest, raise capital, and grow ideas. It’s another avenue for us to support the small business community and our economy in the state.”


Robbery in Arundel

Westbrook, ME – August 16, 2017 - At approximately 1pm this afternoon, the Infinity Federal Credit Union (FCU) branch on 1298 Alfred Rd in Arundel was robbed. All employees are safe at this time. Infinity FCU is working closely with the local authorities to assist in the investigation of the robbery. The Arundel branch will resume normal business hours tomorrow, August 17, 2017 at 9am.

 Media Contact: Angie Helton, (207) 653-0365, nema@maine.rr.com  


Infinity Federal Credit Union (FCU) to Make Loans to Give New Mainers a “Bridge to Citizenship

Makes Announcement at Opening on New Downtown Portland Branch Location

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Portland, ME —  July 26, 2017 - Infinity Federal Credit Union, the first credit union in Maine, has announced a bold program to make loans to those Maine residents aspiring to become citizens of the United States.

The announcement was made today by President and CEO Elizabeth Hayes at the ribbon cutting for the new Infinity FCU branch at 29 Baxter Boulevard in Portland’s Back Cove.

Hayes explains the purpose of the “Bridge to Citizenship” loans:

“At Infinity Federal Credit Union, we celebrate diversity of experience, perspective and ideas in the work we do and the people we serve. We are fortunate to have the opportunity to make a difference in people’s lives and to have committed employees who are passionate about keeping people a step ahead.  That is the key to our success.”

Today, Infinity FCU has team members who speak many of the languages of our immigrant population: Portuguese, Spanish, Turkish, Azeri, French, Kirundi, Kinyarwanda, Russian, Vietnamese, Nepalese, Hindi, Punjabi, and Bengali.

Infinity FCU, in partnership with Portland Adult Education, will be hiring new employees who speak multiple languages.

These specific personal loans are designed to cover the cost of become a U. S. citizen while also establishing a positive credit history. The loans can be used for green card and naturalization applications, petitions and travel expenses for alien relatives, related legal fees and asylum costs. Applicants will need to show a pay stub, a government ID and evidence of their non-citizen status.  The loans will have flexible terms.

 At the opening of the new branch, President Elizabeth Hayes presented $1,000 checks to new community partners, Community Financial Literary and the Catholic Charities Maine Office of Refugee Services.

The downtown Portland branch is the Infinity FCU’s fourth, in addition to locations in Arundel, Bangor and Westbrook. Infinity FCU’s new full-service branch offers drive-up service and a 24-hour ATM, and the branch environment provides a personal “Maine” feel, comfortable and outdoorsy with exposed wood and stone, but with the latest technology customers have come to expect from Maine’s First credit union.

Infinity FCU is inviting those 18 and over to enter their drawing for prizes from local businesses at the new location until August 1. The prizes include a grill/smoker, Sea Dog tickets, Indoor Karting tickets, local restaurant gift certificates and many more prizes.

Among those celebrating the opening of Infinity Federal Credit Union's new branch office in Portland on July 26 were, from left to right: Portland Mayor Ethan Strimling; Sam Novick, Infinity FCU board member; Claude Rwaganje, executive director of Community Financial Literacy; Infinity Federal Credit Union President and CEO Elizabeth Hayes; Hannah DeAngelis, Catholic Charities Maine Office of Refugee Services; Westbrook Mayor Michael Sanphy, Quincy Hentzel, CEO of the Portland Regional Chamber of Commerce.

 Media Contact: Angie Helton, (207) 653-0365, nema@maine.rr.com  


Infinity Federal Credit Union Saves Members $6M in 2016 and Receives First Place in State Service Award

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Westbrook, ME —  June 7, 2017 - Infinity Federal Credit Union (FCU) was named a first place recipient of the state Louise Herring Philosophy-in-Action Member Service Award, which honors credit unions for internal programs and services that benefit membership.

The Awards were presented at the Maine Credit Union League's Annual Delegates' Meeting in Portland on May 19, 2017 to Infinity FCU’s Chief Risk Officer Sandy Cloutier, Director of IT and Facilities Ryan Wing, Senior Marketing Manager Kathy Akopov, and Marketing Assistant Amy Collinsworth.

Infinity FCU won its award for launching a financial education program in 2016. At the beginning of the year, the credit union set a goal to save its members $1M by providing education on managing the credit score. By the end of the year, Infinity FCU exceeded its goal and saved its members $6M.

All of Infinity FCU’s financial products and services are designed to put the member in a better financial position. Under this new program, credit union employees are empowered to provide members with a full financial solution to their credit needs, rather than simply fulfill their immediate request. Every loan application begins with a meeting between a loan officer and the member to review the member’s credit report and identify any opportunities for improving the credit score. In most cases, loan officers are able to make significant changes to how the member’s current credit is organized. Members are shown that by paying their loans as agreed and managing revolving debt, their credit scores will go up and they will be eligible for more competitive rates, which in turn will lower their monthly payments and save them money.

“The results are inspiring,” says Infinity FCU’s Chief Lending Officer, Kandy Moreau. “We have members that we have lowered their loans rates within six months of the initial sit down with a loan officer. This initiative, when looked at from the member’s perspective, is life changing. Nothing feels better than helping people and when our staff goes home at night, that’s how we all feel.”

The first-place state winners will compete in the national awards competition, coordinated by the Credit Union National Association (CUNA), in the fall.


Infinity FCU Membership Elects First Non-Telephone Worker as Chair of the Board of Directors in Over 20 Years

Portland, ME – At the annual meeting on Thursday, May 4, 2017, credit union Members joined Infinity FCU leadership and staff at the Fireside Inn and Suites in Portland to elect the following individuals to the Board of Directors. 

Sam Novick, Chair

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Sam Novick, who previously served as Vice Chair, was re-elected to the Board of Directors for another term as Chair.    Sam has a Bachelor of Science degree in Accounting from Bentley College and has served as the President of HUB Furniture Company since 1984. He has a long history of community involvement holding leadership roles such as President of Portland Kiwanis Club, President of Temple Beth El, Board Member of United Way of Greater Portland,  among others. Sam is the first non-telephone worker to Chair Infinity FCU’s Board of Directors in over 20 years.

Kate Caron, Vice Chair

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Kate Caron, an incumbent, served as an Associate Director the previous year. Kate attended the University of Maine  in Presque Isle, studying Business Administration and Law. She is a licensed real estate agent working for The Real  Estate Network. Kate volunteers for the community, in her local Middle school, and business organizations.  She  enjoys volunteering, gardening, reading and designing.