Wednesday, December 15, 2010

Beehive CU Closed

The National Credit Union Administration (NCUA) was appointed liquidating agent of Beehive Credit Union of Salt Lake City, by the Utah Department of Financial Institutions; and Security Service Federal Credit Union of San Antonio, Texas, immediately purchased and assumed Beehive’s assets, liabilities and members.

At closure, Beehive had approximately $145 million in assets and served 18,000 members.

The Commissioner of Utah Department of Financial Institutions took possession of Beehive Credit Union in order to protect members and the public, finding, among other things, that the credit union had a negative net worth and was not in a safe or sound condition to transact business. Its net worth ratio was -0.38 percent at the end of the third quarter of 2010 and 5.66 percent of its loans were 60 days or more past due.

This is the 18th federally insured credit union liquidation in 2010.
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