Electric Energy Inc. Employees Credit Union on Thursday announced a member vote has approved a merger of the $1.9 million CU into $567 million Vibrant Credit Union.
Electric Energy Inc. Employees CU currently is based in Metropolis, Ill. It has just 695 members. Vibrant Credit Union, Moline, Ill., serves 38,476 members.
Officials for the two credit unions said the merger will commence in October, with plans to complete the transition before the end of the year. The two CUs released a statement saying Electric Energy Inc. Employees CU will become part of Vibrant CU and its corporate office will move into the headquarters of Vibrant CU.
“This rebranding and merger represents new energy and excitement for our members,” said Maxine Russell, president and CEO of Electric Energy Inc. Employees CU. “We want to make sure our members are given the best financial experiences available and by utilizing Vibrant’s resources, Electric Energy Inc. Employees CU will be able to expand more offerings to our membership.”
All former Electric Energy Inc. Employees CU staffer will be given the opportunity to join the team at Vibrant CU, the two credit unions said.
“Vibrant is excited to share our culture and state of the art technology with Electric Energy Inc. Employees CU’s membership,” said Matt McCombs, president and CEO of Vibrant CU. “This is an exciting time and we believe we can really focus and improve financial opportunities and innovations to enhance the overall member experience.”
In 2016, Electric Energy Inc. Employees CU lost $34,950. Its net worth ratio as of Dec. 31, 2016 was 16.88 percent (“well capitalized”).
Vibrant CU reported $6,030,753 in net income for 2016. Its net worth ratio as of Dec. 31, 2016 was 10.30 percent (“well capitalized”).
