APPLE VALLEY, Minn.– Members of Wings Credit Union have voted in favor of merging into Colorado-based Ent Credit Union in a deal that includes more than $7 million in payouts to Wings’ CEO and millions more to other executives, as well as benefits for board members.
As the CU Daily reported earlier, there is to be no distribution of net worth to members, but there was a sweepstakes for a $5,000 prize designed to encourage voting.
Combo Creates $20 Billion CU
The $10.3 billion Ent CU in Colorado Springs, Colo. has approximately 577,000 members, while the $9.47 billion, Minnesota-based Wings Financial has approximately 377,000 members. The two CUs are approximately 1,000 miles apart. The combined credit union is to be led by Chad Graves, current president and CEO of Ent Credit Union.
With regulatory and member approvals now complete, the combined credit union will officially become effective Jan. 1, 2026, the credit unions said. The two credit unions announced plans to pursue a merger in April of this year.
The combined credit union will operate under the Wings Credit Union name, to honor Wings’ aviation heritage—it was chartered in 1938 to serve employees of Northwest Airlines–and Ent’s Air Force roots—it is named for Air Force Major General Uzal Ent.
More Than 62,000 Members Voted
According to Wings Financial, more than 62,000 of its members participating in the voting, which it said in a statement is an “engagement level that far exceeded industry norms.”
“We’re grateful for the strong participation, support, and trust that made this milestone possible,” Graves, who has served as Ent president & CEO since 2017, said in a statement. “This merger represents strategic growth. It will bring expanded access, deliver enhanced systems and technology, and continue the proud
The combined credit union will operate under the Wings Credit Union name, honoring Wings’ aviation heritage and Ent’s Air Force roots.
The credit unions said full systems integration is expected to take until 2028, and members will not experience immediate changes. No service centers will close as a result of the merger, and all team members will retain employment, the CUs said in a statement, adding they will maintain headquarters in both Colorado Springs, Colo., and Apple Valley, Minn.
Member Benefits Cited
“Members can also look forward to expanded access to service centers, an enhanced digital experience with Wings’ highly rated online and mobile banking platform, and improved technology for faster, easier everyday banking,” the credit unions said in a statement. “Combined resources will also strengthen community impact and giving power while keeping local decision-making close.”
Payouts to Management & Board Members
As the CU Daily reported earlier, according to the documents filed with NCUA, as part of the merger’s approval, executives and board members with Wings who are to receive merger-related compensation, including:
- President and CEO Frank Weidner. Weidner’s role will be eliminated in the merger, according to Wings, but he will remain employed for one year in an advisory role at his current compensation. He is also to receive a change in control payment of $6.964 million, which it said is three times his annual base salary, plus target incentives.
- SVP/CAO and General Counsel Greg Higgins. Higgins will receive a base salary increase of $299,766 and on the first day of the merger, if still employed, will receive a one-time bonus of $175,000. To incentivize Higgins to remain with the credit union through the three years of expected integration, he will be eligible to receive a retention bonus of three times his annual compensation if he remains employed for the three years.
- SVP-Chief Member Experience Officer John Wagner. On the first day of the merger, if still employed, Wagner is to receive a one-time bonus of $195,000. “As part of the transition, Mr. Wagner will be stepping down from his role with the credit union and, under a board-approved change in control agreement entered into in 2020, he will receive a payment of $1,427,235 which is two times his annual base salary, plus target incentives.
- SVP-Chief Lending Officer Norm Creveling. Creveling is to receive a base salary increase of $343,572 “due to the increase in the scope and complexity of his role in the continuing credit union and in recognition of the termination of the long-term incentive plan that Mr. Creveling had as an officer with Wings,” the credit union said. If employed on the first day of the merger Creveling is to receive a one-time bonus of $175,000, and if he remains with the credit union for the expected three years of integration, he will also be eligible for a retention bonus of three times his annual compensation if he remains employed at the end of that term, Wings said.
- SVP-Chief Digital and Technology Officer/CIO Song Hou. Hou is to receive a base salary increase of $111,508 and if employed on the first day of the merger is to receive a one-time bonus of $170,000. If Hou is employed at the end of the expected three-year integration, he is to be paid a retention bonus of three times his annual compensation.
Increases for Board Members
According to the disclosure forms provided on the NCUA website, the retained Wings Financial board members will continue to be eligible for and receive compensation under an existing board compensation policy. Wings Financial said Ent CU has a higher compensation structure for its board and, as a result, WFCU will receive adjustments. Those adjustments include:
- Chair Greg Miller, who will receive $2,500 more per month (the documents do not indicate what the current compensation is)
- Board members Cheryl Minks, Geoff Heck, Elizabeth Caven, Drew Boeke, and Ben Humphrey, who will receive $1,833.33 more per month.
- Board members could also be eligible for an additional $5,000 per year in compensation if selected as a committee chair at the continuing credit union, Wings Financial said.
