Tuesday's NCUA-engineered takeover of the failed Beehive Credit Union in Utah by a large Texas CU adds a new player to the state's financial landscape "and should be welcomed by Utah consumers."
Moreover, the merger deal for the $145 million Beehive of Salt Lake City by the $6 billion Security Service FCU of San Antonio, now largest in Utah, should strengthen the industry's role against future banker attacks.
Those are the views voiced Thursday by Rick Craig, president/CEO of the $5 billion America First FCU, who told Credit Union Times an anomaly now exists in his state "since now for the first time we have four billion dollar credit unions all with community charters." He was referring to his own CU, which until Tuesday was largest in the state, plus the $2.7 billion Mountain America FCU of West Jordan and the $1.7 billion Chartway FCU of Virginia Beach, Va.
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