COLORADO SPRINGS, Colo.—Members of Ent FCU have voted to approve switching from a federal to a state charter.
The CU stated that 76.9% of the 35,729 voting members voted in favor of the move. The switch to a Colorado state charter will take effect on Jan. 1, 2016.
As CUToday.info previously reported, the board of directors and management of the $4.1-billion CU recommended the charter change as part of a long-term strategy to allow the CU to better serve current members, while providing opportunities for growth.
“A state of Colorado charter will provide Ent with more opportunities to expand our geographic field of membership, allowing us to serve more people, businesses and communities in Colorado while providing increased service convenience for current members and increased opportunity for employees,” said Randy Bernstein, Ent’s president and CEO. “This proposed change is part of our long-term strategy to ensure the continued financial strength of the organization. In addition to the member and employee benefits, by diversifying our membership’s geographic and economic concentration, the credit union reduces the risk to the organization during adverse economic conditions.”