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Another Utah SCCU, University of Utah CU, Converts to Federal Charter

SALT LAKE CITY -University of Utah CU has become the eighth Utah state-chartered credit union to convert to a federal charter since February 2003 just prior to the March passage of a new anti-credit union state law which narrowly missed taxing credit unions for the first time. The $321 million...

By Staff Writer | Updated on January 06, 2004

SALT LAKE CITY -University of Utah CU has become the eighth Utah state-chartered credit union to convert to a federal charter since February 2003 just prior to the March passage of a new anti-credit union state law which narrowly missed taxing credit unions for the first time. The $321 million credit union received approval from NCUA’s Region Six Regional Director on Dec. 23 for the charter conversion. “We’re excited, we’re appreciative to NCUA, and now we look forward doing business as a federal charter, one of many in Utah,” said Phil Janovak president/CEO of University of Utah. The Salt Lake CU was authorized to expand its field of membership into five additional counties beyond Salt Lake County. UofU has 11 branches in Salt Lake County and plans eventually to add branches in Tooele, Summit, Davis, Morgan, and Weber Counties. Its first branch, said Janovak, will be in Bountiful in Davis County and is slated to open by yearend.

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