The expansion allows financial cooperatives to provide customized protection for balances exceeding the standard $250,000 threshold. By securing these surplus lines, credit unions retain 100 percent of the deposits on-site, providing capital that can be deployed directly into local economic activities rather than moving funds to external banking partners.
In section Releases
Excess Share Insurance Extends Coverage to Virginia Credit Unions
Credit unions in Virginia can now offer members up to $10 million in additional deposit insurance per account, surpassing standard federal limits. The move by Dublin, Ohio-based Excess Share Insurance Corporation aims to bolster liquidity by keeping deposits within local institutions for member lending initiatives.
ESI currently operates in 38 states, supporting more than 350 credit unions. Theresa Mason, president and CEO of ESI and its parent company, American Share Insurance, stated that the entry into Virginia reflects a commitment to providing institutions with greater choice in risk management. Samantha Beeler, president of The League of Credit Unions & Affiliates, noted that this added layer of coverage strengthens the financial resilience of local credit unions, ultimately enhancing the value provided to their members.
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