Member accounts are federally insured, service to members continues uninterrupted
ALEXANDRIA, Va. (December 14, 2010) -- The National Credit Union Administration (NCUA) today was 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.
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. This is the 18th federally insured credit union liquidation in 2010.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.