by STAFF WRITER Published December 14, 2010 Credit Unions Online
The National Credit Union Administration (NCUA) has been appointed liquidating agent of Beehive Credit Union of Salt Lake City, by the Utah Department of Financial Institutions (DFI); and Security Service Federal Credit Union of San Antonio, Texas, immediately purchased and assumed Beehive's assets, liabilities and members. Beehive Credit Union is the 18th federally insured credit union liquidation in 2010.
The new Security Service Federal Credit Union members will experience no interruption in credit union service, and their accounts remain federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). Security Service Federal Credit Union is a large, full service institution with $5.9 billion in assets and 785,000 members.
At closure, Beehive had approximately $145 million in assets and served 18,000
members. The credit union was established in 1954 to serve employees of Utah state government.