SALT LAKE CITY -- The $190 million Beehive Credit Union has apparently decided to remain a credit union after all.
According to a Jan. 20 story in the Salt Lake Tribune, credit union CEO Scott Jorgensen cited "turmoil" in the economy and especially "the banking arena" as reasons the CU had decided a charter change now would not benefit the CU's members.
He also cited "extreme reluctance" among Federal regulators to approve the charter change in the current economic and regulatory environment.
Had the conversion been approved, the CU-turned-bank's new regulator would have been the Office of Thrift Supervision. The OTS website (http://www.ots.treas.gov/) still lists Beehive's application as active, though it also lists the CU's decision due date as Nov. 14 of last year.
The credit union has not yet commented on its decision.
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