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News Now

CU System
No buzz yet on Beehive conversion vote
SALT LAKE CITY, Utah (2/20/08)--The membership vote results related to the proposal by Utah-based Beehive CU to convert to a mutual savings bank have not been announced yet. 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. 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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