Members Voting On Conversion To Bank
SALT LAKE CITY–As the Credit Union Journal was going to press, members of Beehive Credit Union were voting on whether to convert the $185-million credit union to a mutual savings bank charter. Members had been voting via mail ballots since early January on the charter change. Beehive said it is seeking to convert in order to add branches and expand business lending options. Due to a state law passed in 1999, Beehive is unable to add branches in Utah County. The credit union said it has no plans to convert to a publicly traded bank. In response, the Utah League of Credit Unions created a website at www.membershipcounts.com, to provide info to members on what a conversion might mean. For updates, watch www.cujournal.com.
Former Key West CU CEO Files Suit Over Backpay
KEY WEST, Fla.–The former president of Keys FCU, John Dolan-Heitlinger, filed suit last week claiming KFCU still owes him more than $700,000 in severance after he was terminated in November, 2007. The suit claims the $195-million CU failed to give him 180 days notice of termination as required under his employment contract, which was renewed in September of 2007, and that he was fired without cause. The dismissal came after Keys FCU reported losses of $70,000 for the first half of 2007, but swung to a gain of $73,000 through the first three quarters of 2007.
Dust Devils Will Now Play In Gesa Stadium
PASCO, Wash.–Gesa CU has purchased naming rights to the ballpark here that is home to the Tri-City Dust Devils of the Northwest League. As part of the 10-year agreement, the park will be known as Gesa Stadium and will include a significant increase in the credit union’s presence at the ballpark.
