Three years and hundreds of thousands of cups of coffee after launching the first of its Vibrant Coffeehouse + Kitchen locations, Moline-based Vibrant Credit Union is selling its trio of community-centric coffeeshops.
It has hired Davenport-based Marigold Resources to guide the sale process for its coffee shops in Milan, Bettendorf and Des Moines, the credit union announced last week in a news release.
As the credit union embarks on what it calls its next chapter, the coffeehouse doors will remain open, the coffee will keep flowing, and the same friendly faces will be ready to greet you, the release from the 90-year-old financial institution promised.
Vibrant Credit Union officially launched the first of its coffee shops during an Oct. 17, 2022, Quad Cities Chamber ribbon-cutting ceremony designed to celebrate completion of its new headquarters in 140,000 square feet of renovated space at the former Sam’s Club just off John Deere Road.
That first 6600 44th Ave., Suite 1, Quad Cities location was joined in December 2023 by a Vibrant Coffeehouse + Kitchen location at 3230 Ridge Pointe, Bettendorf. That renovated site formerly was a 5,000-square-foot Vibrant Credit Union branch. A third Vibrant Coffeehouse + Kitchen is located at 520 E. Grand Ave., Des Moines.
The coffee shops along with strategic branch location closings have come in response to the way technology has changed how its customers do their banking, Vibrant has said previously.
“Thank you for drinking 453,274 cups of coffee, attending 98 events, grabbing 28,418 pieces of merch, and sharing all your love for our space and vibe,” President & CEO Matt McCombs said in announcing the sale in the Thursday, Aug. 21 release. “You proved what we always believed: people want more from their financial institutions – more connection, more creativity, more courage.”
Vibrant’s next chapter
He called the coffeehouse a true experiment in blending community, innovation, and financial services. It showed that banking doesn’t have to be boring, and that such spaces can bring people together in unexpected ways, the release added.
The sales also come as the Vibrant approaches its centennial year as one of the nation’s top equipment lenders and deposit institutions.
“With strong momentum in our existing financial services – and a continued focus on our core mission – now feels like the right time to hand the reins to new owners who can bring fresh energy and ideas to the Coffeehouse,” the credit union release said.
“We’re looking for new owners who will reimagine this space with the same love and energy that our community has come to know and cherish,” Mr. McCombs added.
While the coffeehouse prepares for its next chapter, the credit union said it is doubling down on what it does best. For example, last year Vibrant became one of the top 10 equipment lenders in the U.S., and member deposit growth was three times the industry average, the release said. This year also is already shaping up to be a record-breaking year for CDs, checking, and core savings growth, Vibrant added.
“The lessons we’ve learned from serving coffee and banking with a community-first mindset are shaping everything we do going forward,” Mr. McCombs said. “Now, it’s about delivering even more value to our members – by focusing on what we do best.”
