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CU System
Beehive members cast votes on bank conversion
SALT LAKE CITY (2/14/08)--Members of Beehive Credit Union were scheduled to vote yesterday at a special meeting on whether to convert the $185 million asset credit union to a mutual savings bank. Voting via mail ballots began in early January and was to culminate in the special meeting Wednesday. Results of the vote were unavailable at press time. The state-chartered credit union announced the conversion proposal last March. It applied for a bank charter with the Office of Thrift Supervision on Sept. 10, 2007 (News Now Oct. 5, 2007). The credit union says conversion would allow it to offer more branches, larger business loans and more competitive financial services. A state law passed in 1999 prevents the credit union from building another branch in Utah County. At a conversion meeting last year, the credit union's board told members the state's banks have attempted to limit credit unions' service and take away their tax-exempt status. The Utah League of Credit Unions launched a website last May, www.membershipcounts.com, to make sure members are informed about what happens to a credit union if it converts to a bank (News Now May 1, 2007). Scott Jorgensen, CEO of the credit union, has told local newspapers there are no plans to take Beehive public after a conversion.
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