MSIC

In its sixty-year history, MSIC has played a critical role in ensuring the stability of the credit union industry in Massachusetts. Over the years, the Corporation has wound up the affairs of liquidating credit unions (both voluntary and involuntary), temporarily managed and rehabilitated credit unions still independent today, assisted in the merger of failing credit unions into healthy credit unions, and provided capital assistance to several healthy but capital deficient credit unions, which allowed them to remain independent and obtain federal primary deposit insurance. While the Corporation has incurred losses (net of subsequent recoveries) of over $53 million in fulfilling its mission, no member of a credit union insured by MSIC has ever lost any of their savings or been denied access to their funds... In addition to providing excess deposit insurance, the Corporation makes available a number of important services to strengthen its member credit unions and the industry: Custom..

Primary location: Newton United States