SALT LAKE CITY — The struggle over whether the $187 million Beehive Credit Union changes to a mutual bank made the front pages of the Salt Lake Tribune's business section on Jan. 12. The article discussed the efforts of some Beehive members to oppose the conversion and sharing some of the CU's arguments in favor of it.
Significantly, while the article shared the fact that the CU cited a study it said it had done about rates at CUs which had converted, it did not reveal that the study cited had not been done by Beehive but Peter Duffy, an associate director with Sandler O'Neill, an investment banking firm.
The article also did not reveal that NCUA has questioned the way the study was conducted in a letter to Beehive.
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