American Share Press Release – UNITED TEXAS CREDIT UNION CHANGES CHARTER AND SHARE INSURANCE
American Share Insurance, the nation’s only alternative to federal share insurance, is pleased to announce the recent conversion of the Texas-based, $245 million United Texas Credit Union from a federal to a state charter, and from federal to private share insurance provided by American Share.
According to Kyle Ashley, President and CEO of the credit union, his board of directors felt American Share’s broader coverage and business-partner philosophy would complement the credit union’s strategic initiatives.
Mr. Ashley also identified one of the main reasons for a charter conversion was the State’s flexible Field of Membership (FOM) rules that allow the credit union to better serve their members’ financial needs. Texas law permits a credit union to continue to grow, assuming of course that the credit union has the capitalization, administrative ability and infrastructure to support the increased membership base. Local supervision and lower regulatory fees also played a role in their decision.