Utah League Creates Site To Offer Info On Conversions

SALT LAKE CITY - With one credit union in its state mulling a conversion to a bank charter, the Utah League of Credit Unions has created a website aimed at educating members of credit unions about what would happen when such a conversion occurs.

The site, www.membershipcounts.com, offers up what it says are the benefits of credit unions, including better rates and service, fewer and lower fees, and explains what the credit union difference of member-ownership is all about. In addition the league's recently adopted statement on charter conversions can also be found on the site.

"The time may come when your credit union tells you they are considering changing their status to a bank," says text on the site. "In order to accomplish this, they are required to ask you, the credit union member, to abandon your charter. You own your credit union, and your credit union can't abandon its charter unless you approve. You have a big decision to make."

The $177-million Beehive CU in Salt Lake City announced earlier this year that it planned to convert to a mutual savings bank.