American Share Insurance Expands Excess Share Insurance to New States, Enhancing Credit Union Services

American Share Insurance Expands Coverage

American Share Insurance (ASI), through its wholly owned subsidiary Excess Share Insurance Corporation (ESI), has announced a significant expansion of its services to include credit unions in South Dakota, Alaska, and New Mexico. This initiative permits these credit unions to offer their members up to $10 million in additional deposit insurance, well beyond the federal limits of $250,000 per account. This strategic move is expected to bolster the credit union movement, enhancing safety and security for members' savings.

The newly approved Excess Share Insurance offers vital protection for larger deposits that are often held by individuals, businesses, and municipalities. By providing this extra layer of coverage, ESI ensures that credit unions can better serve their members' needs, particularly those looking to safeguard larger financial balances.

Theresa Mason, President and CEO of both ASI and ESI, expressed her enthusiasm about the expansion, stating, “We are excited to establish a presence in South Dakota, Alaska, and New Mexico and deepen our commitment to the credit union movement. We look forward to building lasting relationships and helping these credit unions thrive for years to come.” This sentiment reflects a broader mission of ASI to reinforce its support and dedication to the credit union sector and its members.

Leading figures in the credit union community echoed Mason's optimism. Joe Keller, President and CEO of the Dakota Credit Union Association commented on the significance of this introduction, saying, “We’re happy that South Dakota credit unions now have access to Excess Share Insurance. ESI gives credit unions another tool to attract and protect larger deposits while providing members with added confidence that their savings are safe and secure.” This statement highlights the positive impact such insurance can have on attracting members and retaining their trust.

In New Mexico, the benefits of having access to Excess Share Insurance have also been recognized. Melia Heimbuck, President of The New Mexico Credit Union League, stated, “We appreciate the opportunity to collaborate with ASI and ESI to bring additional deposit insurance options to New Mexico. Making Excess Share Insurance available gives credit unions greater flexibility and another way to protect their members while continuing to serve their communities.” This showcases the increasing importance placed on member security in the credit union domain.

With this expansion, ESI now operates in 41 states and the District of Columbia, serving over 350 credit unions. The increased coverage options are expected to empower credit unions to not just maintain their current membership base but also potentially attract new members keen on ensuring that their savings are adequately protected. ASI and ESI have consistently played pivotal roles in shaping the credit union landscape, which serves millions of Americans with their financial needs.

The Role of American Share Insurance

Founded as a member-owned entity, American Share Insurance is commissioned by the Ohio Department of Insurance. It emphasizes delivering up to $250,000 in primary share insurance per member account, which lays the foundation for its subsidiary, Excess Share Insurance Corporation. Operating effectively since 1993, ESI has enabled credit unions—both federally and privately insured—to offer elevated coverage options to members who require it.

Website resources such as AmericanShare.com and ExcessShare.com provide additional insight into these products and their benefits for credit unions and their members.

In conclusion, ASI's proactive approach in extending its services to include Excess Share Insurance in South Dakota, Alaska, and New Mexico represents a forward-thinking maneuver designed not only to strengthen credit unions but also to reassure members concerning their financial security. This expansion guarantees a brighter, more secure future for credit union members across these states, marking a significant milestone in the ongoing evolution of financial service offerings available to the public.