DUBLIN, Ohio – Private deposit insurer ASI announced today it will be charging its credit unions a special premium for the third straight year of 15 basis points.
The premium will be assessed on all primary insured credit unions of record on September 30 and based on the total shares reported as of June 30.
Subject to final regulatory approvals, the Special Premium Assessment is expected to be billed on or about September 30. The premium will cost ASI's 125 primary insured credit unions around $15 million.
The premium assessment does not apply to excess share insurance policyholder credit unions insured by Excess Share Insurance Corporation.
“Lower yields on our high-quality government bond portfolio and a hesitant economic recovery have strained our earnings, while weaknesses in a small number of member credit unions in select markets have required a more aggressive posture when funding our loss reserves,” Dennis Adams, president of ASI, said.
