Judge signing court document Source: Shutterstock.

An Illinois federal judge ruled that a letter of intent for a proposed credit union merger is not a binding contract, but that did not end the legal dispute between the $1 billion Vibrant Credit Union in Moline, Ill., and the $336 million Infinity Federal Credit Union in Westbrook, Maine.

After the credit unions signed the letter of intent in 2018, they began negotiating a definitive agreement that Vibrant said would encompass certain terms, including a “cost clause” in which Vibrant agreed to cover the costs and expenses of the merger unless it did not take place or was cancelled. But the credit unions agreed to share the cost if the merger did not happen.

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Peter Strozniak


Credit Union Times

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