The $177 million-asset Beehive Credit Union in Salt Lake City has filed an application with the Office of Thrift Supervision to convert to a federal savings bank and change its name to Beehive Bank.
The credit union filed its application Sept. 10, six months after notifying members that its board was considering a conversion because of restrictions on entering markets and adding products and services.
"A mutual federal savings bank charter is the best means to allow us to offer new and existing members more locations, larger business loans, and more competitive financial services," Scott Jorgensen, Beehive's president and chief executive, said in a March press release.
A decision on the application is due Dec. 9, though the OTS could extend that date if it requires more information.
