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Utah Beehive conversion confused with Idaho Beehive
REXBURG, Idaho (2/26/08)--When Utah-based Beehive CU announced last week its members had voted to convert the credit union to a mutual savings bank, the news confused many people in East Idaho. They assumed their credit union--Beehive FCU (BFCU)--was now a bank. "Nothing could be farther from the truth," said BFCU CEO Shane Berger, whose BFCU is a $117 million asset federal credit union based in Rexburg, Idaho. The converting Beehive CU in Salt Lake City is a state-chartered credit union. "The converting Utah credit union has no relationship whatsoever with Beehive FCU in Idaho," said Berger. "We want everyone to know clearly that BFCU has no plan now, or in the future, to convert to bank status. "We believe deeply in the philosophy, principles and structure of the credit union movement," he said citing the differences in structure and organization that make credit unions different from other financial institutions. Berger is chairman of the Idaho Credit Union League board and said he will travel to Washington, D.C., next week to help Congress understand the importance of credit unions and the benefits they offer to members.
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