Members of Ent Federal Credit Union will be asked to vote by Oct. 29 to change the institution’s charter from a federal charter to a state charter.
“With a state charter, we can serve more people,” said Victoria Selfridge, vice president, corporate communications. “Federal charters are more restrictive.”
The move will enable the $4.2 billion financial institution to expand within Colorado.
“It’s really all about wanting to improve service to our members. As we continue to grow, that gives opportunities for our employees as well,” to be promoted to other branches, Selfridge said.
The institution plans to open two branches next year, one at UCCS next to the Ent Center for the Arts, and another in Pueblo West.
The name will change as well. The institution plans to drop the word “federal” from its title and be known as Ent Credit Union, Selfridge said.
The change will be swift, she said.
After the Oct. 29 vote, an outside auditor will take about a week to certify the results. The credit union will then take the results to the Colorado Department of Financial Services to affirm the results, probably within two weeks of the vote.
At that point, the charter will have changed, Selfridge said.
“Honestly, we have had several years of very strong financial performance, and we’ve been looking at our strategic plan. We want to take steps for our long-term success,” Selfridge said. “We’re the local credit union that’s grown and grown.”
“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,” said Randy Bernstein, Ent’s president and CEO.
The change will have no impact on Ent’s rates, fees or services, she added.
Ent’s board of directors and management team recommends the change to the membership. The change to the charter requires a simple majority vote of its members.
Ballots have been mailed to all 250,000 members, and they need to be received by Oct. 29. For people wanting to vote in person or who have questions, Ent is having a special member meeting. The meeting will be held at 5:30 p.m. Oct. 29 in the Breckenridge Room at Ent’s operations center, 7350 Campus Drive in Colorado Springs.
For more information, ent.com/statecharter.