Texas Credit Union Switches to Private Insurance, State Charter
American Share Insurance in Dublin, Ohio said Friday it now insures the $244 million United Texas Credit Union in San Antonio.
In addition to UTCU switching from federal insurance under the NCUA to private insurance under ASI, the credit union converted from a federal charter to a state charter, according to a prepared ASI statement.
“Mr. (Kyle) Ashley (UTCU’s president/CEO) also identified one of the main reasons for a charter conversion was the state’s flexible field of membership rules that allow the credit union to better serve their members’ financial needs,” ASI said in its prepared statement. “Local supervision and lower regulatory fees also played a role in their decision.”
In addition to UTCU, four other Texas credit unions are insured by ASI, according to the private insurer’s website.