2020: Beehive’s 60th Anniversary Year
Shane Berger, President/CEO
In 2020 Beehive Federal Credit Union will celebrate our 60th anniversary. Watch for forthcoming announcements about a special celebration at our summer picnic on June 25th. Where do the decades go? Wasn’t 2010 just yesterday? Maybe my advancing age causes the years and decades to pass faster. Beehive has experienced many changes and much growth in the last ten years. Assets have more than doubled from $148 million to over $310 million. Membership has increased from 18,000 to over 31,000. Also notable and important is the growth of reserves or capital, which has strengthened from $15.6 million to over $32.6 million despite a deep recession for much of the first part of the past decade. This strong capital position is important because you can feel assured knowing your credit union is strong and stable. Not only have we weathered past economic downturns, we are prepared for any future economic storms.
There are many reasons for Beehive’s strong past financial performance. One reason is the integrity of our members which leads to low loan defaults. While the national average for credit union loan losses (as of the 2nd quarter 2019) was about .55 percent of assets (about ½ of one percent), Beehive’s loan loss ratio stands at .05 percent of assets (1/20th of one percent) as of the end of November. This is incredibly low and is a result of members who repay their loans and to a terrific loan leadership team and staff.
While the importance of numbers and statistics might be hard to appreciate, you can be assured the Board and Management of Beehive Federal Credit Union have and will continue to manage your credit union in a conservative and responsible manner to ensure you and your families will be able to enjoy Beehive services for decades to come. Thank you for your membership and for your integrity.
Copyright © 2020 Beehive
Authorized by the National Credit Union Administration to serve members of The Church of Jesus Christ of Latter-day Saints in the United States. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. This credit union is federally insured by the National Credit Union Administration. Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. NMLS# 712470