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SALT LAKE CITY — The leadership of the $177 million Beehive Credit Union has become the latest in the nation to declare that it will try to convert to a mutual bank charter. Should the 53-year old credit union’s members agree with the conversion, Beehive will become the 32nd credit union in the country to make the switch, according to data collected by CU Financial Services, a consulting firm that helps credit unions change to bank charters. The CU’s leadership told members that it was contemplating making the charter change at the CU’s annual meeting held on Saturday, March 3. The CU told members that making the charter change would help the credit union move past the restrictions on state chartered credit unions that were included in a 1999 law.

“We believe in the credit union movement. However, until credit unions are given the regulatory relief necessary, we feel our hands are tied in providing our members with the convenience and services they want and deserve. 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,” stated Scott Jorgensen, Beehive president/CEO.

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