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News Now

Washington
Salt Lake Citys Beehive liquidated
ALEXANDRIA, VA. (12/15/10)—Beehive CU of Salt Lake City, Utah, was closed yesterday after the state credit union regulator appointed the National Credit Union Administration the liquidating agent. Beehive’s assets, liabilities and members were immediately purchased or assumed by and Security Service FCU of San Antonio, Texas. At its closure, Beehive had approximately $145 million in assets and served 18,000 members. Established in 1954 to serve employees of Utah state government, Beehive becomes the 18th federally insured credit union liquidation in 2010. The acquiring credit union, Security Service, will provide uninterrupted service for former Beehive members. Security Service is a full-service credit union and has $5.9 billion in assets and 785,000 members. Beehive was in the news early in 2009 when it announced it had abandoned plans to convert to a thrift charter because the credit union “sensed” that the country’s economic turmoil would make federal regulators reluctant to approve a new bank charter.


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