An earlier blog I wrote (August 1) discussed the harm done to local communities and members when sound, well run credit unions are merged into firms outside the traditional community or market areas being served.
The poster child for this concern was the announced merger between two credit unions over 1,200 mile apart: Infinity in Westbrook, Maine, and Vibrant in Moline, Illinois.
On September 24, the merging credit union Infinity FCU reported that the deal was off, stating in part:
“The merger process brought some important differences to light and it became evident that the integration was simply not a good fit. The talks ended amicably, with both sides agreeing to work as collaborators rather than partners going forward. Infinity FCU continues to be a strong and financially sound organization and we are committed to achieving our vision for the future of doing what’s right for our members, our communities, and our employees.”
Congratulations to the CEO Elizabeth Hayes and the Infinity Board for this change of direction. It is hard to reverse course when an initiative is publicly announced. As noted above “doing what’s right for our members” is always a fail safe policy touchstone.