Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.


RSS print
News Now LiveWire
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
3 hours ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
11 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
13 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
16 hours ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
16 hours ago