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Beehive Credit Union purchased by San Antonio credit union

Beehive Credit Union purchased by San Antonio credit union

By Jasen Lee | Posted - Dec. 14, 2010 at 5:22 p.m.



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SALT LAKE CITY — The Utah Department of Financial Institutions on Tuesday appointed the National Credit Union Administration as liquidating agent of Beehive Credit Union of Salt Lake City.

At closure, Beehive had approximately $145 million in assets and served 18,000 members. San Antonio-based Security Service Federal Credit Union has purchased and assumed Beehive's assets, liabilities and members.

Beehive was established in 1954 to serve employees of Utah state government. It represents the 18th federally insured credit union liquidation of 2010.

Security Service Federal is a full service institution with $5.9 billion in assets and 785,000 members. According to a news release, new Security Service Federal members should experience no interruption in service, and their accounts remain federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund.

E-mail: jlee@desnews.com

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Jasen Lee

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