The $145 Beehive Credit Union, headquartered in Salt Lake City, formerly a candidate for a mutual bank charter, is no more.
The Utah Department of Financial Institutions took possession of the CU yesterday and immediately appointed NCUA as liquidator. NCUA, in turn, announced that the $5.9 billion Security Service Federal Credit Union, in San Antonio, Texas, has purchased Beehive.
The Department cited Beehive's negative net worth and said it was not in a safe or sound condition to transact business. The latter condition is one of the 11 statutory reasons the Department can take over a depository institution under Utah law.
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