Looking back five years ago finds Patelco Credit Union moving full steam ahead with what would be the largest conversion to a private insurer.
The conversion caught the attention of the credit union community not only because it is the largest credit union ever to apply for private insurance at $2.8 billion in assets, but because it will represent 22% of the American Share Insurance fund and take a noticeable chunk, some $12 million out of the NCUSIF.
According to then Patelco CEO Ed Callahan, a historically strong advocate of federal insurance, this isn't a statement about the NCUSIF, but more a move to cover its members' $480 million of uninsured funds.
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