REXBURG, Idaho – The buzz over the planned conversion to a bank charter by a Utah-based credit union has caught another credit union with the same name in a bees hive.
Media reports surrounding the switch to bank by Salt Lake City-based Beehive CU has caused confusion among the members of Beehive FCU here, who have asked their credit union about the charter conversion. Members of Utah’s BCU last week voted to convert the $112 million credit union to a mutual savings bank.
“We want everyone to know clearly that BFCU has no plan now, or in the future, to convert to bank status,” Shane Berger, president of the $117 million Beehive FCU, told The Credit Union Journal yesterday. “We believe deeply in the philosophy, principles, and structure of the credit union movement."
