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Utah Regulator Closes Beehive

Regulators pulled the plug on a Salt Lake City credit union that had been a candidate to change its charter to that of a mutual bank.

Regulators pulled the plug on a Salt Lake City credit union that had been a candidate to change its charter to that of a mutual bank.

The Utah Department of Financial Institutions took possession of Beehive Credit Union on Dec. 14 and immediately appointed the NCUA as liquidator. The NCUA, in turn, announced that the $5.9 billion Security Service Federal Credit Union, in San Antonio had purchased Beehive.

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Peter Westerman

 

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