COLORADO SPRINGS, Colo. — In a special member vote, Ent Federal Credit Union members approved a proposal to convert from a federal charter to a state charter.
The 260,000-member credit union said 76.9% of the more than 35,000 members who voted favored the change.
"Ent's Board of Directors and management team strongly believe that this member-approved change to a state of Colorado credit union charter is in the long-term best interest of both the credit union and our members, and we appreciate our members' participation in this important vote," said Ent CEO Randy Bernstein in a statement.
As a result, the $4.2 billion Ent will remove the word "federal" from its name to become Ent Credit Union. Though the CU will now be regulated by the Colorado Division of Financial Services, it will continue to be insured by the National Credit Union Share Insurance Fund, administered by NCUA.
