San Antonio-based Security Service Federal Credit Union (SSFCU) has acquired Beehive Credit Union (BCU) of Salt Lake City. In addition to the Salt Lake City locations, Security Service has added Beehive offices in Provo, Riverton, Sandy, South Jordan and St. George, Utah, to its network of service centers.
After meeting with several credit unions that indicated an interest in acquiring BCU, the National Credit Union Administration (NCUA) approved SSFCU's offer to acquire Beehive. SSFCU has been managing all operations of BCU since Oct. 29, when it entered into a management agreement with the BCU board of directors.
The acquisition adds some $145 million to SSFCU's $5.9 billion in assets.