Vibe Credit Union passes $1 billion-asset mark
Vibe Credit Union has crossed the $1 billion-asset threshold.
A significant part of the Novi, Mich.-based institution’s growth was fueled by a merger with Oakland County Credit Union announced in 2018 and completed last year, which boosted Vibe from about $544 million in assets to more than $880 million. On top of that, the credit union said in a press release that member deposits have risen by $90 million since March amid concerns surrounding the coronavirus and its impact on the economy.
“The board of directors has had a long-term vision of achieving this milestone,” David Cowles, Vibe’s board chairman, said in the release. “We would like to thank the Vibe membership for their loyalty, the executive team for their leadership and the employees for their hard work in making this happen.”
President and CEO Allan Kemp McMorris credited Vibe’s membership with helping fuel milestone.
“Our philosophy of putting members at the forefront, is why our members continue to entrust us with their savings,” he said. “We put our members first in everything we do and this results in the confidence of our membership. It is this loyalty that allows us to continue to grow and better serve the community.”
Vibe CU serves 67,000 members across 16 branches. According to first-quarter call report data from the National Credit Union Administration, Vibe had more than $825,000 in net income during the first three months of the year, a stark drop from the $10.2 million it posted for the first three months of 2019. That drop is attributable in part to an uptick in charge-offs and a drop in recoveries, increased compensation and office expenses, and a substantial decline in noninterest income, though much of the gains in the first quarter of 2019 were one-time results due to the merger.