INDIANAPOLIS, IN (April 24, 2023) — Indiana Governor Eric Holcomb has appointed Centra CU President/CEO Rick Silvers to the Indiana Board for Depositories. The appointment is for a four-year term that began this month and runs until March 31, 2027.
“I’m honored to have been appointed to the Indiana Board for Depositories and look forward to serving fellow Hoosiers,” said Silvers.
The Board for Depositories administers Indiana’s Public Deposit Insurance Fund (PDIF) which was created in 1937 to insure the public funds of the State of Indiana and its political subdivisions (counties, cities, towns, schools, etc.) to the extent they are not covered by federal or private deposit insurance. The Board is tasked with approving financial institutions to be public fund depositories, collecting and monitoring information related to the level of public funds on deposit in the state as well as monitoring the financial strength of approved financial institutions. The Board also is responsible for determining the adequacy of the PDIF to cover loss and has the authority to levy assessments against approved depositories if the fund is not actuarially sound (no fees have been necessary since 1985). Members of the Board for Depositories include the Governor, State Treasurer, State Auditor, Chairman of the Department of Financial Institutions Designee, Chief Examiner of the State Board of Accounts, and four representatives of approved depositories appointed by the Governor and legislative leaders. A credit union representative has been among the appointed members since 2016 after the Indiana Credit Union League worked with state officials to establish the position.
“We congratulate Rick on this well-deserved appointment,” said League President John McKenzie. “It is a reflection of his strong leadership qualities on behalf of his credit union, and it is especially important to those Indiana credit unions that hold public deposits.”
Silvers has more than 30 years of financial institution industry experience and has been President/CEO of the $2 billion Centra CU since 2016. The credit union has 25 branches throughout central and southern Indiana, and in Jamestown, NY, and Whitakers, NC, serving more than 155,000 members. Silvers currently serves on the Indiana Credit Union League’s Governmental Affairs Committee, Columbus Regional Hospital Foundation Board and United Way of Bartholomew County Board. He is a past member of the Credit Union National Association Payments Committee, Southeast Indiana Red Cross Board, and Southeast Indiana Small Business Development Center.
Rick Silvers
The Indiana Credit Union League is the statewide trade association for credit unions in Indiana. Those credit unions serve more than 2.8 million Hoosiers.
Chrissy Bailey, SVP Marketing
Centra Credit Union
(800) 232-3642, ext 0254 or 812-314-0254
cbailey@centra.org
Kay Neidlinger, VP Communications
(800) 285-5300, ext. 5343 or (317) 908-9752
kayn@icul.org
