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Beehive members mull complaint with NCUA over vote
SALT LAKE CITY (2/25/08)--Members of Utah-based Beehive CU say they may file a complaint with the National Credit Union Administration (NCUA) over the membership vote to convert the credit union to a mutual savings bank. In a press release Friday, members said they may file a complaint to NCUA, which must certify the election within 30 days. "Our basic concern," said long-time member Teri Dial, "is that the history of credit union-to-bank conversions is a history of insider enrichment at the members' expense. Beehive has stated there are no current plans to sell stock, but members cannot be confident that this will not be the end result." Beehive announced the vote results Thursday. In the vote, 36% of members voted, with 53% voting for the conversion and 47% against. "According to our credit union, about 82% of the members are either opposed or did not vote," said Dial. "There is no mandate for the board's radical change." Beehive did not release an actual ballot count, but the figures supplied indicate that if less than 250 votes had switched, a majority of voting members would have voted down the proposal. At the same time, at least 395 members who were no longer members of the credit union may have received ballots and voted in the election, said Dial. "It is unclear how the 14th largest credit union in Utah feels it can serve its members' matters as one of the smallest banks," she added.


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