News
Check back here often for the latest news about the proposed conversion.
The American Banker Questions the Future of the Mutual Bank Industry. |
News item added on 1/20/2008 9:30:08 PM. |
Is it really a good idea to convert to a mutual bank?
Because of the housing crisis, many of the largest mutual banks (also called thrifts) are going under or being bought out, calling into question the future of mutual savings banks. According to the American Banker, "Thrift earnings are at a six-year low, and nine of the top 25 federal ones — holding 37.5% of thrift assets — have reported significant problems related to the housing crisis." Read the article here.
In 1984, there were about 2,200 mutual savings banks in the United States. In 2007 primarily as a result of failures, conversions to stock banks and mergers, there are fewer than 350 mutual savings banks. Do we really want to convert to a mutual bank? |
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Research referred to by Beehive |
News item added on 1/17/2008 9:00:12 PM. |
| Click here to read an article about the research Beehive referred to in their information. | |
Letter from Beehive CEO |
News item added on 1/05/2008 8:19:44 PM. |
| On January 1, 2008, Beehive Credit Union members rang in the New Year with a letter from Beehive’s CEO urging members to vote for conversion based on two reasons. Here are his reasons and some of the facts that respond to those claims. Click here to read. | |
Article on Election Results in CUNA's News Now |
News item added on2/27/2008 4:06:01 PM. |
| SALT LAKE CITY (2/25/08)--Members of Utah-based Beehive CU say they may file a complaint with the National Credit Union Administration (NCUA) over the membership vote to convert the credit union to a mutual savings bank. In a press release Friday, members said they may file a complaint to NCUA, which must certify the election within 30 days. "Our basic concern," said long-time member Teri Dial, "is that the history of credit union-to-bank conversions is a history of insider enrichment at the members' expense. Beehive has stated there are no current plans to sell stock, but members cannot be confident that this will not be the end result." Beehive announced the vote results Thursday. In the vote, 36% of members voted, with 53% voting for the conversion and 47% against. "According to our credit union, about 82% of the members are either opposed or did not vote," said Dial. "There is no mandate for the board's radical change." Beehive did not release an actual ballot count, but the figures supplied indicate that if less than 250 votes had switched, a majority of voting members would have voted down the proposal. At the same time, at least 395 members who were no longer members of the credit union may have received ballots and voted in the election, said Dial. "It is unclear how the 14th largest credit union in Utah feels it can serve its members' matters as one of the smallest banks," she added. |
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Article on Election Results in the Deseret Morning News |
News item added on2/27/2008 4:03:53 PM. |
| Beehive Credit union votes to become a bank, Deseret Morning News, Feb 22 '08, here: http://deseretnews.com/article/1,5143,695255245,00.html | |
Salt Lake Tribune article |
News item added on1/16/2008 8:19:44 PM. |
| On January 13th the Salt Lake Tribune ran a Front Page Business Section article on the Beehive Members' loyal opposition to the proposed conversion. Read the article and online comments at the Tribune's website. |
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Credit Union Times Article about Beehive conversion |
News item added on1/16/2008 8:52:38 PM. |
| On December 12 the credit union times ran an article on members' concerns about the conversion. Click here for a pdf of the article. | |
Don’t forget to vote! |
News item added on12/1/2007 8:52:53 PM. |
| Beehive Credit Union will mail you your ballot on or about January 15, 2008. You can also vote in person at the special meeting held on Febuary 13, 2008, at 7:00 pm, at the:
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