COLORADO SPRINGS, Colo.—Ent FCU members are being asked to vote by Oct. 29 on whether to change from a federal to a state of Colorado credit union charter.
The board of directors and management of the $4.1-billion CU are recommending the charter change as part of a long-term strategy to allow the CU to better serve current members, while providing opportunities for growth, the CU stated in a release.
“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.”
A change of credit union charter requires a majority vote, and mail-in ballots will be sent to all eligible members this week, the CU stated.
As part of the voting process, the CU is holding a special member meeting Oct. 29 during which members can ask questions about the proposed charter change and/or cast their ballots in person.