Silver State Schools Family FCU said it has completed the conversion to private deposit insurance, the second largest credit union to opt for private insurance. Effective July 1, member deposits for the $600-million credit union are insured by American Share Insurance, the only surviving provider of private insurance.
Credit union representatives were not available for comment Wednesday, but officials with ASI told The Credit Union Journal Silver State Schools has been a customer of the Dublin, Ohio, insurer's excess insurance program for several years and was attracted to the higher limit on primary deposits provided by ASI ($250,000 per account, compared to $100,0000 for NCUSIF).
The only credit union bigger to convert to private insurance was Patelco CU, the $4-billion San Francisco-based credit union that opted for ASI in 2002.
