Beehive Credit Union of Salt Lake City, Utah

Beehive Credit Union of Salt Lake City, Utah, Was finally shut down by NUCA today though it’s fate was sealed months ago.

“Back in probably September” officials with the National Credit Union Administration got in touch with Security Service Federal Credit Union and other potential buyers, John Worthington, a spokesman for San Antonio-based Security Service said Wednesday.

After the close of business Tuesday, the Utah Department of Financial Institutions seized Beehive, which has 18,000 members. It appointed the NCUA as liquidator of the Salt Lake City-based cooperative, which had been brought down by loans that went bad when the real estate market collapsed.

If you have any further questions please do not hesitate to visit the NUCA Website for Beehive Credit Union.