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CU System
NEW Beehive members approve conversion to thrift
SALT LAKE CITY (2/21/08, UPDATED 6:50 a.m. MT)--Utah-based Beehive CU said 53% of its voting members approved the credit union’s proposal to convert to a mutual savings bank. According to the credit union, ballots were cast by about 36% of members who were eligible to vote on the proposal. Beehive has $187 million in assets and 22,000 members, according to the National Credit Union Administration (NCUA). Voting began in late January, with a special membership meeting held on Feb. 13. The credit union said at the meeting it would announce results this week. Beehive said once it submits the results of its vote to NCUA, the regulatory body has 30 days to make a final determination. The Office of Thrift Supervision and the Federal Deposit Insurance Corp. must also approve the change. 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. 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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