The $184 million Beehive Credit Union has sold its $9 million credit card portfolio to TMG Financial Services.
Beehive CEO Scott Jorgensen said the CU's portfolio had been growing steadily but that the credit union had wanted to hand off its management in order to be able to focus on "other strategic areas" for the CU.
According to the Salt Lake City CU's call reports, Beehive saw its card portfolio grow its number of accounts by just over 7% in 2008 and its outstanding balances by just over 17%. But the CU also ended the year in the red by over $1.4 million and charged off almost $1.2 million in loans, according to its December 2008 call report.
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The credit union's capital ratio in March of 2009 was 6.77%, according to NCUA data.
Beehive made news in 2008 when its members voted to convert the credit union to a mutual bank charter, and then again in early 2009 when the CU announced it was withdrawing its charter change application.
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