A planned combination of Maine State Credit Union in Augusta and Midcoast Federal Credit Union in Freeport has been nixed despite receiving approval from regulators.
Discussions to combine Penobscot County Federal Credit Union and The County FCU began in June 2019 but the deal was not completed until the end of 2020.
The process will see the state's largest credit union split its president and CEO roles until longtime chief executive John Reed retires in January 2023.
Infinity FCU sought out a merger partner after realizing that even at $338 million in assets it was too small to provide the technologies members wanted. It could be a harbinger of more deals among larger players.
The trade group supported 11 incumbents running for re-election, including the embattled Maine Sen. Susan Collins, and may have helped Republicans maintain control of the Senate.
