Wolf in Sheep’s Clothing: Lawyer Converting CUs to Banks to Lead CU Insurer

WESTBOROUGH, Mass. – Michael Hanson, a former state banking commissioner currently working to convert three credit unions to mutual savings banks, last week was named head of the Massachusetts CU Share Insurance Corp., the nation’s first provider of credit union deposit insurance.
 
Hanson, who has served as outside counsel for MSIC, will succeed John Buddle, who is retiring March 1 after 14 years as president and CEO of the deposit insurer.
 
Hanson has represented MSIC as corporate counsel since 1996 and through his private law practice currently is working to help convert First Priority CU and Community CU of Lynn to mutual savings banks, and to merge Northeast Community CU into Haverhill Bank.
 
The banking lawyer served as Massachusetts Commissioner of Banks in 1991 and 1992, during the height of the New England banking crisis, and was a member of the New Hampshire state legislature from 1976 through 1981.
 
MSIC was chartered in 1961 to provide deposit insurance for Massachusetts chartered credit unions and in the 1990's, after the crisis surrounding the failure of Rhode Island Share and Deposit Indemnity Corp., terminated its primary coverage (deposits up to $100,000). It currently insures excess deposits for 101 Massachusetts credit unions.