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Silver State Schools Credit Union Increases Share Insurance Coverage Up To $500,000

Silver State Schools Credit Union Increases Share Insurance Coverage Up To $500,000

Silver State Schools Credit Union (SSSCU), celebrating 70 years of providing excellent member service, announce its partnership with Excess Share Insurance Corporation, a private deposit insurer, to provide members with up to $500,000 in share insurance. American Share Insurance insures member accounts to $250,000, and Excess Share Insurance Corporation provides up to an additional $250,000 of share insurance coverage per share account.

“Silver State Schools Credit Union recognizes the need, especially in trying economic times, to protect our members hard-earned savings,” says Scott A. Arkills, President and CEO, Silver State Schools Credit Union. “Adding Excess Share Insurance as a benefit, is just another way that SSSCU is providing value to being a member of our credit union.”

While traditional banks provide federally backed insurance up to $250,000 in total aggregate account balance coverage, our partnership with American Share Insurance and Excess Share Insurance Corporation, provides members with peace of mind, knowing that each share account is insured up to $500,000. For example, if a member has a balance of $500,000 each in a savings account, a money market account, and a checking account, the entire account balance of $1.5 million is insured. Silver State Schools Credit Union incurs the additional insurance cost as a benefit to its members. 

SSSCU, founded in 1951, is a state-chartered financial co-operative, with its purpose of Prioritizing People Over Profit. The Credit Union serves over 55,000 members of the educational community and their families in Nevada with ten branches throughout the Las Vegas Valley. SSSCU provides “Excellent Member Service and Financial Solutions – for Life!” via a wide range of banking products that are simple, secure, and convenient. As of December 31, 2020, SSSCU reported deposits of $896 million, total assets greater than $994 million, and loans of $626 million. Liquidity remains strong at $220 million, and the credit union is well-capitalized with a regulatory net worth at $92 million, equal to 9.28% of total assets. Accounts are insured up to $500,000. American Share Insurance insures each account up to $250,000. Excess Share Insurance Corporation provides up to an additional $250,000 of insurance per account. This institution is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money. For more information, visit silverstatecu.com.