SALT LAKE CITY – Behive CU announced yesterday it is abandoning its long-fought effort to convert to a mutual savings bank, even though 54% of voting members approved the switch a year ago.
Credit union officials were citing the turmoil in the banking market and the reluctance on the part of regulators to approve new bank charters as the main reasons for the reversal.
The $190 million credit union would have been the first in Utah to make the switch.
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