REXBURG, Idaho - The sky is not falling; the credit union is not converting to a bank.
That is the message Shane Berger, president of Beehive FCU here, is trying to get out as news of the looming conversion to a bank by Beehive Credit Union in Salt Lake City spreads.
Berger told Credit Union Journal he sent press releases to the newspaper in Rexburg, as well as to the papers in Idaho Falls, about 26 miles away.
“The message to the community is Beehive is not converting and believes deeply in the philosophy, structure and principles of the credit union movement,” he said.
Berger acknowledged there has not been a great deal of concern among Beehive FCU’s members, because they “know us well and realize the distinction between our credit union and the one in Salt Lake City.” But there have been some non-members in the town who think the credit union is converting to a bank.
“There has been confusion about the names for years, which is what happens when you have two credit unions with the same name,” he added.
The Idaho CU League also issued a press release to let people in Boise and the Idaho state legislature know the difference between the Utah Beehive and the one here, Berger said. “The situation serves as an opportunity to educate the public on the difference between credit unions and banks.”
The $177-million Beehive FCU serves approximately 17,000 members, mostly employees, staff and students at Brigham Young University-Idaho. All members of the Mormon Church in Idaho are eligible to join.
