Michigan

The deal, which still requires regulatory approval, will give Credit Union ONE about $1.4 billion in assets and 26 branch locations throughout the state.

The combined institution will have $880 million in assets and keep Vibe Credit Union name.

The $4 billion-asset milestone comes one year after the East Lansing, Mich.-based credit union hit the $1 billion mark for mortgage lending.

Though total loans and deposits were down from the end of 2017, management expressed optimism that things will pick up over the rest of this year.

The Chicago company said its decision was largely based on intense competition, very low margins and economic changes.

The Auburn Hills, Mich.-based credit union serves 200,000 members with more than $2.3 billion in assets.

Lansing, Mich.-based LAFCU will still judge all submissions, but a local paper will publish the winning entries – the first time the credit union has undertaken such a partnership.

The company said it could raise up to $25 million through the initial public offering.

Organizers want to open the first new bank in Michigan since 2009, while a third group in Florida has filed a de novo application.

Roxana Willis was CEO of Battle Creek, Mich.-based School Employees Credit Union from 1991 to 2007. Today the credit union is known as BlueOx CU.