Beehive Credit Union in Salt Lake City has dropped its bid to convert to a mutual savings bank.
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The $190 million-asset credit union cited "unprecedented turmoil in America's economy, especially in the banking arena, and an extreme reluctance by federal regulators to approve charter applications in this environment" as the reasons for changing course.
The 55-year-old credit union said last week that it lost $1.8 million in the fourth quarter and $1.5 million for the full year.
The conversion, which would have been Utah's first, was approved in February by 53% of the credit union's voting members.
