Latah Credit Union Changes Charter and Share Insurance
September 22, 2016
September 22, 2016 (MOSCOW, Idaho) — Latah Credit Union is pleased to report the recent conversion from a federal charter to a state charter and American Share Insurance, signifying a name change.
When considering the charter conversion as well as the change to private share insurance, Latah CU’s board and management looked long and hard at the options available to them to determine how they could best continue serving their membership.
“The Idaho state charter offered many favorable benefits, but if we only changed to a state charter, the NCUA could still interfere in our operations through their management of the insurance fund,” Latah Credit Union President Lowell Stevens remarked. “We determined that a relationship with a business partner like American Share Insurance would protect more of our members’ deposits and give us greater flexibility in serving our members into the future.”
American Share's President and CEO, Dennis Adams, believes Latah Credit Union isn’t alone in this line of thinking: "The value of the state charter and private share insurance are being closely examined by many state and federally chartered credit unions around the country," he said. “Like the credit unions we serve, we are owned and governed by our members, and we have a fundamental responsibility to serve in their best interests.”
Latah Credit Union is now American Share’s largest member credit union in Idaho. This is the third in a line of credit unions converting to state charters and private share insurance in the last year. Eastex FCU (TX) and Glendale Area Schools FCU (CA) both converted charter and insurance over the past 12 months.
To learn more about Latah Credit Union services, visit the website at www.latahcu.coop or contact moscow@latahcu.coop.
d e f i n e | c r e a t e | d e l i v e r
208.301.1011
When considering the charter conversion as well as the change to private share insurance, Latah CU’s board and management looked long and hard at the options available to them to determine how they could best continue serving their membership.
“The Idaho state charter offered many favorable benefits, but if we only changed to a state charter, the NCUA could still interfere in our operations through their management of the insurance fund,” Latah Credit Union President Lowell Stevens remarked. “We determined that a relationship with a business partner like American Share Insurance would protect more of our members’ deposits and give us greater flexibility in serving our members into the future.”
American Share's President and CEO, Dennis Adams, believes Latah Credit Union isn’t alone in this line of thinking: "The value of the state charter and private share insurance are being closely examined by many state and federally chartered credit unions around the country," he said. “Like the credit unions we serve, we are owned and governed by our members, and we have a fundamental responsibility to serve in their best interests.”
Latah Credit Union is now American Share’s largest member credit union in Idaho. This is the third in a line of credit unions converting to state charters and private share insurance in the last year. Eastex FCU (TX) and Glendale Area Schools FCU (CA) both converted charter and insurance over the past 12 months.
To learn more about Latah Credit Union services, visit the website at www.latahcu.coop or contact moscow@latahcu.coop.
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ROBIN OHLGREN CONSULTINGd e f i n e | c r e a t e | d e l i v e r
208.301.1011
