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News Now

CU System
Beehive CU tables conversion to bank
SALT LAKE CITY (1/22/09)--A Utah-based credit union that had planned to convert to a mutual savings bank announced it will remain a credit union, citing the nation's economic turmoil. Scott Simpson, president of the Utah League of Credit Unions, said the decision of Salt Lake City-based Beehive CU, was good news. He told The Salt Lake Tribune (Jan. 20) he was sure the credit union's board tried hard to act in its members' best interest. The turmoil in the economy was cited as the reason for the change in plans by CEO Scott Jorgensen, who told the Tribune the credit union board changed its views on what's best for its members. He said the credit union sensed "an extreme reluctance" by federal regulators to approve a new bank charter in the environment. More than 53% of the voting members of the $187 million asset credit union voted early last year to convert. Ballots were cast by about 36% of the credit union's 22,000 members (News Now Feb. 21). At the time, the credit union said a state law that limited the ability of state-chartered credit unions to open branches and attract new members gave Beehive little opportunity to grow.


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