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Westbrook-based Infinity FCU inks merger with Illinois credit union


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 this week.
There will be no staff reductions in staff as a result of the merger, the releases said, 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 Friday this was a technical change required under financial regulations because DECU is a state-chartered institution. ....

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Infinity Federal Credit Union honored as top SBA lender for third year in a row


Infinity Federal Credit Union honored as top SBA lender for third year in a row
WESTBROOK, ME (December 31, 2020) At the close of an uncertain year for Maine small businesses, Infinity Federal Credit Union (FCU) was named the top credit union lender by the Small Business Administration (SBA) for the third consecutive year. The award was presented by Maine SBA representatives to the Business Services team at the credit union’s main office in Westbrook.
Business Services at Infinity FCU is in its third year of operations and continues to grow exponentially year over year. In addition to traditional SBA loans, Infinity FCU swiftly and successfully implemented a process for disbursement of the federal government’s Paycheck Protection Program (PPP) Loans, lending over $5 million to keep the doors of 238 Maine small businesses open. Infinity FCU nearly doubled their business membership base in 2020, with 75% of PPP loans going to new business members. ....

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