Excess Share Insurance Expands to South Dakota, Alaska, and New Mexico
American Share Insurance (ASI) has expanded its Excess Share Insurance Corporation (ESI) services to credit unions in South Dakota, Alaska, and New Mexico. This allows qualifying credit unions to offer members up to $10 million in additional deposit coverage beyond the standard federal limit of $250,000 per account. ESI ensures that 100% of deposits remain at local credit unions for lending purposes while providing enhanced protection on larger balances held by individuals and businesses. The expansion brings ESI's national footprint to forty-one states plus Washington D.C., serving over 350 credit unions. Leaders from the Dakota Credit Union Association, The New Mexico Credit Union League, as well as ASI’s CEO Theresa Mason have expressed support for this move, highlighting its potential to strengthen local financial institutions and member confidence. This development is part of a broader strategy by ESI since its founding in 1993 to provide supplemental insurance options that help credit unions attract larger deposits while maintaining community-focused operations.
Topics: credit_unions insurance_expansion regulatory_approval