Vibe Credit Union and Oakland County Credit Union to merge
NOVI, MI (September 12, 2018) — The Board of Directors of Vibe Credit Union (Vibe) and Oakland County Credit Union (OCCU) are pleased to announce plans to officially merge in January 2019. Approvals have been received from the National Credit Union Administration and the Michigan Department of Insurance and Financial Services, along with a very favorable Vibe Credit Union membership vote.
The combined Credit Union will operate with the name of Vibe Credit Union with the headquarters located in Novi. Both leaders, Tom Reagan and Allan Kemp McMorris will continue to lead the Credit Union, with Reagan as CEO and McMorris as President. This exciting new partnership will provide the very best in financial services to the combined membership, employees, and local communities.
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. Vibe and OCCU found they were united in their dedication to their members, employees and community, along with sharing a common vision for the future of the combined Credit Union.
This partnership will create the 14th largest credit union in the state of Michigan and the 6th largest in Southeast Michigan. The combined Credit Union will be nearly $1 billion in assets, have 16 branches, employ over 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,” expresses Tom Reagan, Vibe CEO/President.
OCCU, President/CEO, Allan Kemp McMorris is excited about this partnership stating, “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 2nd largest number of credit union branches in Oakland County and a total of 16 branches across Southeast Michigan.”
The combined Vibe Credit Union will continue its passion for giving back to the communities it serves and have even more resources, to do more and volunteer more, as they support the credit union philosophy of “People Helping People.”
Tom Reagan and Allan McMorris
About Vibe Credit Union
Vibe Credit Union has been serving its members for over 85 years and today has $1.1 billion in assets, 15 branches, and 73,000 members. To learn more, please visit their website at vibecreditunion.com or call 248.735.9500.
About Oakland County Credit Union
OCCU has been serving its members for over 60 years with $367M in assets, has six branches, and currently serves its 32,000 members. To learn more, visit their website at oaklandcountycu.com or call 800.815.6237.