Two credit unions change share insurance
DUBLIN, OH (October 1, 2018) — American Share Insurance is pleased to announce that as of October 1, 2018, the $240 million Rocky Mountain Credit Union and the $344 million River Valley Credit Union have converted from federal to private share insurance provided by American Share Insurance (ASI).
Said Ed Stofko, President and CEO of Rocky Mountain Credit Union, based in Helena, Montana, “Our board of directors thought American Share Insurance was a far better insurance option for our membership and our members agreed. ASI offers our credit union a distinct strategic advantage that no other financial institution in our market areas can offer.” Rocky Mountain Credit Union is the first credit union in Montana to convert from federal to private insurance since American Share Insurance was approved to do business in the state effective January 1, 2018.
American Share has been offering Ohio credit unions a choice in share insurance since 1974. With the addition of River Valley Credit Union, located in Miamisburg (Dayton), Ohio, ASI now insures 51 credit unions in the Buckeye State. President and CEO of River Valley Credit Union, John Bowen, said, “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. 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 now provides primary share insurance coverage in ten states and continues to demonstrate that credit unions have a choice when it comes to their source for deposit insurance.
About American Share Insurance
American Share is a member‐owned share guaranty corporation, licensed by the Ohio Department of Insurance, and dual‐regulated by the Ohio Departments of Insurance and Commerce. The corporation insures up to $250,000 on each and every account of an individual member. For more information, please call 1.800.521.6342, or contact David Kettlehake at dkettlehake@AmericanShare.com.