American Share Insurance Expands Excess Coverage to Three New States
Credit unions in South Dakota, Alaska, and New Mexico can now offer members up to $10 million in deposit coverage beyond federal limits. This expansion by Excess Share Insurance Corporation allows local institutions to protect larger balances held by businesses and municipalities while keeping those funds within the community for lending.
The move marks a significant reach for the Dublin, Ohio-based firm, which now operates in 41 states and the District of Columbia. By providing supplemental protection, the company aims to help credit unions compete for larger accounts that might otherwise move to traditional commercial banks.
Theresa Mason, President and CEO of ASI and ESI, noted that the expansion reinforces the firm's commitment to strengthening the credit union sector. Local industry leaders, including Joe Keller of the Dakota Credit Union Association and Melia Heimbuck of The New Mexico Credit Union League, echoed this sentiment, emphasizing that the additional insurance serves as a vital tool for attracting deposits while bolstering member confidence. Currently, ESI supports more than 350 credit unions nationwide, offering a layer of security that complements the standard $250,000 primary share insurance provided by parent company American Share Insurance.
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