PORT NECHES, Texas – Private deposit insurance for credit unions officially returned to the Lone Star State with the conversion of MCT CU from federal insurance provided by NCUA, the federal regulator reported yesterday.
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Members of the $142 million credit union will have their deposits insured by ASI Inc., of Dublin, Ohio.
The private insurance option returned to Texas last year after more than a decade lapse. The state’s private deposit insurer was liquidated and all credit unions converted to federal insurance after the 1991 collapse of Rhode Island Share and Deposit Indemnity Corp., which caused a nationwide panic over private insurance.
