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News Now

CU System
Beehive CU members begin voting this week on conversion to bank
SALT LAKE CITY (1/15/08)--Voting by members is scheduled to begin this week to determine if Utah’s Beehive CU will convert to a bank. Beehive began sending out ballots Monday. Members can return them by mail, deposit them in lock boxes at the credit union’s branches, or vote at a special meeting Feb. 13. Because the $185 million asset, Salt Lake City-credit union has a state charter, its operations--particularly in regard to opening new branches and adding new members-- are significantly restricted, said Scott Jorgensen, Beehive’s chief executive. Meanwhile, the credit union’s costs continue to increase every year, he added (The Salt Lake Tribune Jan. 12). There are no plans to take Beehive public after it is converted to a mutual savings bank, Jorgenson told the newspaper. The biggest concern the credit union industry has in Utah is that members need to have all the information required to make an informed conversion decision, Scott Simpson, president of the Utah League of Credit Unions, told the newspaper. A dispute arose late last year when two long-time members sought to present a mailer outlining their opposition to the merger. When the two asked Beehive to distribute some information to members, the credit union management challenged much of the information and asked the National Credit Union Administration (NCUA) to intervene. The NCUA rejected the challenge and ruled that the information be included for members to review before they voted.


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