Michigan’s Vibe Credit Union and Oakland County Credit Union are set to complete a merger nearly next year, having received approval from the National Credit Union Administration and the Michigan Department of Insurance and Financial Services.
The two CUs unveiled their merger plan
The 80-year-old Vibe holds $544 million in assets and serves 32,500 members across 10 branches. Over the last 60 years, OCCU has grown to $367 million in assets and 32,000 members across its six branches.
The duo will operate in Novi, Michigan while retaining the present leadership as well as the Vibe name. Vibe’s current CEO and President Tom Reagan will lead the combined credit union as CEO while OCCU President and CEO Allen McMorris will serve as the new president.
“As we prepare to meet the long-term needs of our members in the future, we believe combining forces will allow us to better provide for our members and employees. We are extremely proud of everything that we have accomplished and are even more passionate about the new opportunities this partnership will provide for our existing and new members,” Reagan said in a statement.
Both Vibe and Oakland County reaped similar net incomes of $1.45 million and $1.36 million respectively within their most recent call reports. The two institutions are both well-capitalized.
The merged institution is expected to be the state’s 14th largest credit union and the sixth largest CU in Southeast Michigan. Together, the two credit unions will possess nearly $1 billion in assets, hold 16 branches, employ over 250 staffers and service more than 64,000 members.
“OCCU’s recent growth through the
