Credit unions with share deposits primarily insured by the Dublin, Ohio-based American Share Insurance will not pay a special premium assessment in 2014, according to a Aug. 28 release from the private insurer.
That determination was made Aug. 20 by the ASI board of directors during the group's regular meeting, President/CEO Dennis Adams said.
"After reviewing the company's favorable results to date – and as forecasted for the balance of the year – the board concluded that the SPA collected in 2009 through 2013 would not be necessary in 2014," Adams said in the release. "The company's partial recoveries this year from its $26.4 million in capital assistance afforded Silver State Schools Credit Union, will contribute greatly to the company's bottom line in 2014."
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Adams also pointed out that in the last five years, ASI's assessments on privately-insured credit unions was less than three-quarters the amount paid by federally insured credit unions to the NCUA during the same time period. Credit unions primarily insured by ASI paid 61.50 basis points since 2009, compared to 83.32 basis points paid by federally insured credit unions.
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