DUBLIN, Ohio–Two credit unions have announced they are moving from federal deposit insurance to private deposit insurance.
Making the move to American Share Insurance are the $240-million Rocky Mountain Credit Union in Helena, Mont., and the $344-million River Valley Credit Union in Miamisburg, Ohio.
“Our board of directors thought American Share Insurance was a far better insurance option for our membership and our members agreed,” said Ed Stofko, president and CEO of Rocky Mountain Credit Union. “ASI offers our credit union a distinct strategic advantage that no other financial institution in our market areas can offer.”
According to ASI, Rocky Mountain Credit Union is the first credit union in Montana to convert from federal to private insurance since the company was approved to do business in the state effective Jan. 1, 2018.
More Than 50 CUs Insured in Ohio
American Share has been offering Ohio credit unions deposit insurance coverage since 1974. With the addition of River Valley Credit Union, ASI said it now insures 51 credit unions in the Buckeye State.
“River Valley Credit Union decided to switch to American Share primarily because of the business partnership relationship as opposed to the regulatory relationship that we had with our federal deposit insurer,” said RVCU President and CEO John Bowen. “Our members benefit through expanded coverage that is easy to understand. It’s very refreshing to know that we are truly dealing with a business partner (ASI) who has our best interest in mind. We look forward to a long and productive relationship.”
American Share provides primary share insurance coverage in 10 states.