COLORADO SPRINGS, Colo.—A merger that would cross state lines and create a credit union of nearly $20 billion in assets has many in credit unions worried about the future of the movement, saying CUs have become “their own worst enemy” and suggesting the mergers will lead to loss of the tax exemption.

As the CU Daily reported here, the $9.83-billion Ent Credit Union in Colorado Springs, Colo. and the $9.37-billion Wings Financial Credit Union in Apple Valley, Minn. said they are seeking to combine. 

The merged credit union would have nearly 90 branches across six states, serving more than 900,000 members.

The Financials

Both credit unions are profitable, but while approximately the same size, Ent Credit Union is considerably more so, closing 2024 with $69.2-million in net income and net worth of 10.59%.  Wings Financial reported $16 million in net income and net worth of 11.63% as of the same date.

In a statement, the credit unions said the combination “comes after thoughtful consideration between both credit unions in terms of service, sustainability and growth.”

Not Everyone Agrees

But not everyone agrees.

Feedback posted in follow up to the CU Daily’s reporting indicates many believe there hasn’t been “thoughtful consideration” for what the merger means for the bigger picture.

Below are some of the comments readers have made. Note that because the comments were shared without knowledge they might be included in news reporting, the authors of the statements have not been identified by name.

What’s Being Said

• “Bye bye tax exemption. Hello ‘expand our footprint stomping on their members and our industry. These execs need to go bank to their bank jobs.”
• “Two $9 billion credit unions merging for sustainability…ooookaaayyyy. The credit union movement is becoming our own worst enemy.”
• “I love when they use the phase ‘expand our footprint’ in their quote, cause that’s what it is. A foot-stomping party on their members and our industry. And they want a continued tax exemption. Just change your charter to a bank and go away. Are you kidding me. The bigs (yes, the CU kind) are helping the (Independent Community Bankers of America) make their point. What do we need a $20 billion CU for? Commercial Lending limits? Better service (LOL)? When I think of my smaller CU, I am sad for when the government removes the CU tax exemption all together. Or, how about the ability of any CU saying we’re different than banks. When the IRS begins to collect the new CU tax, these big CU execs are the ones to blame. Three guesses as to what motivated them to merge and the first two don’t count. Sorry, I got a bit too far into this, but the industry is at stake.”
• “Although this merger would create critical mass versus organic growth for these two top tier asset credit unions, will there be synergy for members, especially when blending both cultures. Members come first and do the two platforms have seamless access to products and services with Fintech resources. Whose name will be on the facade of their buildings or a new one. Having done mergers and acquisitions, the number of CUs is dwindling from 11,000 to 4,500 today, an ominous decline…”
• “Bigger is no Better! Another credit union news yhat leaves me saddened—and slightly hopeful. Smaller credit unions are more than just financial institutions—they are the nervous system of our communities.
  They operate in the deep, often overlooked corners of society—places where no big bank, no fintech, not even the largest credit unions dare or care to go.
  These small, local credit unions show up where they’re needed most, quietly serving the vulnerable, the underserved, the forgotten. They don’t chase scale or headlines—they show up with empathy, trust, and presence.
  So yes, the news saddens me. Another one struggling. Another one disappearing. But I also feel a glimmer of hope, because their legacy proves that it is possible to care deeply and serve meaningfully—and that’s a vision worth fighting for.”
• “I’m not a ‘merger is a four letter word’ guy, but this doesn’t pass the smell test.”

What do you think? The CU Daily welcomes your feedback below.