Four of the five remaining credit unions covered by CU Insurance Corp. have opted to convert to the sole surviving private insurer, American Share Insurance (ASI), Dublin, Ohio, with the fifth moving to federal insurance under the NCUSIF as part of the dissolution of CUIC. The four moving to ASI include: Fort Meade Community CU, Post Office CU of Maryland, U.S. Coast Guard Community CU, and White Eagle CU. ASI was approved to provide private insurance in Maryland only last month. Lever Brothers Baltimore Employees CU has opted for federal insurance coverage.
The dissolution of the 27-year-old private insurer will leave about $3 million left over, which will be deposited in the CUIC Foundation, a non-profit foundation that will finance credit union activities, according to Maureen McAtee, president of CUIC. "It might as well go back into the credit union community," said McAtee. "Our plan is to put it back in a number of different ways; we've been doing college scholarships, we'll use some of it to hire speakers, help low-income credit unions, and to promote awareness of the CU community."