NOVI, Mich.––Two large Michigan credit unions have announced merger plans. The $529-million Vibe Credit Union and the $351-million Oakland County Credit Union in Waterford, Mich., said they intend to combine. Vibe CU would be the surviving name.
In a statement, the credit unions said VCU President/CEO Tom Reagan would be CEO of the merged institution, while OCCU President/CEO Allan Kemp McMorris would serve as president.
“Each Credit Union wanted to find a partner that shared a dedication and loyalty to its membership, was similar in employee culture and was financially strong,” the credit unions said in a statement. “Vibe and OCCU found they were united in their dedication to their members, employees and community, as well as share a common vision for the future of the combined credit union.”
When completed, the credit union would be the 13th largest in Michigan and employ more than 250 employees, and serve more than 64,000 members.
“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,” said Reagan in a statement.
OCCU’s McMorris added, “OCCU’s recent growth through the Best Source and My Postal mergers has demonstrated the value of strong strategic partnerships. Currently over 30% of our members live outside Oakland County, and are seeking an expanded branch network. The combined resources from this partnership will create the second largest number of credit union branches in Oakland County, and a total of 16 branches across Southeast Michigan.”