Members of Iowa credit union vote to merge with Vibrant CU
Members of Cornerstone Community Credit Union in Des Moines, Iowa, have voted to merge with Vibrant Credit Union in Moline, Ill.
Eighty-eight percent of Cornerstone Community members approved the merger during a special meeting last week. The merger should be effective on Oct. 1.
"We’re so excited to be in the Des Moines area,” Matt McCombs, president and CEO of Vibrant CU, said in a release. “We’re living proof that banking is serious, but it doesn’t have to be boring and we can’t wait to introduce this philosophy and culture along with our state of the art technology to the community."
Locations of the $20 million-asset Cornerstone Community Credit Union will convert into branches of Vibrant. Cornerstone Community employees will also have the opportunity to join the Vibrant team.
McCombs will remain as CEO and president of the $754 million-asset Vibrant Credit Union.
“This is an extremely exciting opportunity for our current membership and local community members,” Gary Key, Cornerstone’s president and CEO said in a statement. “Vibrant offers the level of technology that our members deserve.”
Cornerstone Community lost over $13,000 for the six months of the year, after earning about $10,000 for the same time period a year earlier, according to call report data.