Map of Michigan. (Source: Shutterstock)
The Battle Creek, Mich.-based OMNI Community Credit Union said on Thursday it has expanded its field of membership to the entire state of Michigan, after approval from the state's Department of Insurance and Financial Services. Credit union officials said this membership expansion will allow them to adopt the "digital-first" mindset with its relatively new digital banking platform.
"This is certainly a game changer for us," OMNI CEO Ted Parsons said. "With our new digital banking platform, we're fully capable of providing high-tech banking services to everyone in Michigan."
In a statement, OMNI ($583 million in assets, 43,430 members) officials said they began preparing for the possibility of the membership expansion during the last quarter of 2020. The credit union partnered with the fintech company Banno, to help build a new banking platform that "offers a consistent experience on mobile and desktop, a customizable dashboard, multifactor authentication at sign-in, and a clean, user-friendly design."
In an interview with CU Times, OMNI Chief Retail Officer Chris Overbeek said the credit union has served the southwestern areas of Michigan and northern Indiana for years with its 13 branches. "But as we've kind of looked at our footprint and what digital can change with that, it just made sense to expand further to be able to offer banking services to the state of Michigan – because we really want to bring more of our abilities to provide financial health … and help people really thrive."
According to Overbeek, the credit union has not set any benchmarks as of yet concerning the number of new members it would like to have join OMNI out of the state's 9.9 million population.
For now, he said OMNI is focused on a digital-first way of thinking, while not forgetting the credit union's personal roots. "I think there's got to be some touch points that involve outreach and effective onboarding, which some of it can be accomplished through digital, but you know, reaching out and checking in on people and identifying opportunities where we can help better their financial life, I think are pretty key," Overbeek said. "But we're really looking to start with that digital first."
Just to Michigan's south in Dayton, Ohio, DayMet Credit Union announced on Thursday it expanded its field of membership into six new counties in the Miami Valley area. For years, the smaller credit union (more than $100 million in assets and nearly 8,000 members) served the Miami, Montgomery, Greene and Clark counties. DayMet's new FOM expansion now include the counties of Butler, Champaign, Darke, Preble, Shelby and Warren.
"We are excited for the opportunity to provide our credit union services to individuals in these expanded communities," Steve Shore, president/CEO of DayMet, said. "Many of our rural Ohio communities are limited in their financial product choices. We intend to provide them with additional, cost-conscious options to fit their needs."
According to DayMet, the credit union has been serving the Dayton region for more than 60 years, originally serving General Motors employees. In the 1970s, the credit union modified its field of membership to a community charter.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
