American Share Insurance Expands Excess Deposit Coverage to Three States
American Share Insurance's subsidiary, Excess Share Insurance, has gained approval to offer supplemental deposit insurance in South Dakota, Alaska, and New Mexico, providing up to $10 million in additional coverage per account.
Excess Share Insurance Corporation (ESI), a subsidiary of American Share Insurance (ASI), has received approval to offer supplemental deposit insurance in South Dakota, Alaska, and New Mexico. This expansion allows qualifying credit unions in these states to provide members with up to $10 million in additional coverage above federal limits.
The service is designed to protect larger balances held by members, businesses, and municipalities. Funds protected by ESI remain within the credit union, supporting local lending initiatives. ESI's expansion aims to provide credit unions with a tool to attract and secure larger deposits while offering members increased confidence in the safety of their savings.
"We are excited to establish a presence in South Dakota, Alaska and New Mexico and deepen our commitment to the credit union movement," said Theresa Mason, President and CEO of ASI and ESI. With this expansion, ESI serves over 350 credit unions across forty-one states and the District of Columbia.
American Share Insurance provides primary share insurance up to $250,000 per member account. Its subsidiary, ESI, has been offering coverage above this limit since 1993.