Why Beehive Serves Members of The Church
Beehive Federal Credit Union is the oldest financial institution that is headquartered in Rexburg. It all started on May 27th, 1960, when the first board meeting was held to establish the credit union. In the beginning, Beehive Federal Credit Union was called Ricks College Credit Union and only offered membership to students and employees of Ricks College.
At the very first, Ricks College Credit Union charged only $0.25 to become a member and required a $5 share deposit. All transactions were performed by Eldred Stephenson, a faculty member at Ricks College. He handled most transactions in his office when members could catch him between classes and other duties of his regular employment. During this stage of the credit union, assets, applications, and all other documentation were kept in a shoebox in a filing cabinet in room 234 of the Smith building on campus. Records, balances, and transfers were written in a ledger by hand.
Membership in Ricks College Credit Union grew quickly and soon became too big to be contained within Ricks College. President Eyring counseled the credit union to move to a location off of campus and change its name since they would no longer be a campus-based organization.
The name of this credit union was soon changed to Beehive Federal Credit Union, and they were able to purchase the lot on the corner of 1st W and Viking Drive for $27,000.
In addition to new services that became available at their new location, Beehive evolved even further by changing its field of membership three times while in this first building. It first expanded to include married children of Ricks College employees in 1984 and then expanded again to include all church employees in 1985. The next addition was approved by the NCUA in 1987, allowing Ricks College alumni to become members.
The desire for Beehive to continue to grow and serve as many members as possible in the area led to the decision to change the field of membership on January 12, 2001. The change would allow Beehive to serve all members of the Church of Jesus Christ of Latter-day Saints in Southeastern Idaho and now nationwide.
Today Beehive proudly serves members of the Church of Jesus Christ of Latter-day Saints throughout the nation. New locations have been built in Idaho Falls, Rigby, Meridian, and another location in Rexburg. We offer a variety of services to our members, including missionary savings, student savings, business checking, piano loans, home loans, refinancing, retirement planning, and much MUCH more. Thanks to our members, we have grown to $500,000,000 in assets.
Everything we do as a credit union is done towards the goal of meeting the financial needs of our members. If you have a financial need, we have an answer. Reach out to Beehive today to see how we can help you become more financially stable and confident in reaching your financial goals.